IPRG’s New Jersey office recently closed a $12.5 million sale of 212-230 Culver Avenue, a 1.3-acre site located in Jersey City’s West Side neighborhood. The transaction was facilitated by IPRG, with Yanni Marmarou leading the team as representative for both the seller (an estate that owned Acrilex Inc) and the buyer (a private development group).
The buyer has plans to develop a mixed-use project on the site, consisting of 365 residential units and 1,550 square feet of commercial retail space. Additionally, there will be an outdoor terrace and amenity spaces included in the development plan along with an underground parking garage that can accommodate up to 184 vehicles.
According to Marmarou: “Despite facing challenges in marketing institutional-grade development sites during these uncertain times in Hudson County market , our team successfully identified an all-cash buyer after initial contract termination by another experienced developer due to lack of accessible equity sources.” Construction is expected to commence later this year on this promising project.
