“The Marmarou Team of B6 Real Estate Advisors announced the sale of a 27,500 SF development site located at 106-126 Halladay Street in the Bergen-Lafayette neighborhood of Jersey City for $5,725,000. The 0.63 acres of land is located in the Canal Crossing Redevelopment Zone which allows for a 6-8 story structure of approximately 165,000 square foot structure to be built as-of-right.
The nearby Bergen-Lafayette neighborhood continues to transform from previously industrial warehouses & manufacturing uses to a highly desirable residential and retail destination, as the newly instituted redevelopment plans continue to shape the market. The Canal Crossing Redevelopment Plan, where the site is located, allows for this property to be developed into a variety of uses, including residential units, hospitality, office, commercial, assisted living, among others.
Yanni Marmarou arranged the sale between the seller and an undisclosed buyer. The Marmarou Team also procured a number of assisted living and senior housing operators during the time of the negotiations, to help facilitate the transaction. These types of uses continue to be under supplied and in high demand in Hudson County.
Marmarou noted, “The new owners are considering a wide range of uses for the site, which may include senior housing, assisted living, market rate, or a combination of all three.”
The sale marks one of the highest prices for land in the Canal Crossing market. At $5,725,000, the price-per-acre number comes out to $9,072,900, for a site that had no formal approved plans at the time of sale.
“Even though the market continues to adjust to the significant spike in interest rates over the last two quarters and the lingering effect inflation has played in rising building costs, we have not seen a significant drop in land pricing in Hudson County across all product types. The market continues to be extremely supply constrained for new product and developers, especially those out-of-market, have come to the realization that these valuations are here to stay,” Marmarou stated.”