Veris Residential announced Thursday it has sold 177 Morgan St., a 1.73-acre multihousing development site located in Jersey City’s Waterfront neighborhood, to Lcor Inc., for $54 million.
JLL Capital Markets, led by Senior Managing Director Jose Cruz and Director Ryan Robertson, worked on behalf of Veris and procured the buyer, Lcor Inc.
The property is situated within Jersey City’s Powerhouse Arts District Redevelopment Plan — and, more specifically, the High-Rise Zone — which allows for high-density residential uses as-of-right. The Powerhouse Arts District was established in Jersey City in 2004 to encourage economic development while creating a business incubator for the local artist community to ensure that the local neighborhood retains its diverse cultural identity.
Upon completion, 107 Morgan St. will include 624 residential units, ground floor retail and amenity space.
The property is located less than a quarter-mile from the Grove Street PATH station and a half-mile from the Exchange Place PATH, offering residents access to Manhattan’s World Trade Center transit station in just seven minutes and four minutes, respectively.
In addition to the nearby PATH station, the property benefits from the Waterfront’s ferry terminals, light rail stations, bus terminals, bikes lanes and New Jersey Transit, as well as from the proximate Holland and Lincoln Tunnels, Interstate 78, the New Jersey Turnpike, the Garden State Parkway and other major New Jersey highways.
Additionally, the site is just a short walk to the Newark Avenue pedestrian plaza in downtown Jersey City, the city’s popular nightlife district, offering various award-winning restaurants and unique shopping options. It is also less than four blocks from the Simon Property Group-managed Newport Centre mall, which contains 1.2 million square feet of luxury retail.
The JLL Capital Markets investment sales advisory team was led by Cruz and Robertson, with support from Managing Directors Michael Oliver and Steve Simonelli, and Director Elizabeth DeVesty.
“The infill location of 107 Morgan, combined with the opportunity to acquire a site of this size, attracted multiple bidders,” Cruz said. “This is one of the last remaining parcels within the Waterfront, which led to very strong pricing.”
Robertson agreed.
“Despite the challenging interest rate environment, both the buyer and seller collaborated to ensure a successful transaction,” he said. “Development opportunities in Jersey City continue to attract institutional capital due to the proximity to mass transit and the vibrant waterfront amenities.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
