The Kislak Company recently sold a new luxury apartment building in Jersey City for $20,000,000. The all-cash sale price represents the highest price per unit achieved for a 10-plus unit multifamily property in Jersey City since 2021 according to data provided by Kislak available from CoStar.
“This landmark sale not only reflects the thriving Jersey City market but also sets the stage for continued growth and greater opportunity in the area. At $625,000 per unit, it is among the highest prices per unit paid for a new construction building in Jersey City,” Vice President Davis Briones, who handled the transaction said.
Kislak marketed the property on an exclusive basis on behalf of the seller, Legacy Development Group, with Vice President Davis Briones handling the assignment and he also procured the purchaser, 70 Central Lofts, LLC.
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Completed in 2024, 70 Central Lofts is a five-story building with 31 apartments, a parking garage for 32 cars and one retail unit with 1,696 square feet of space. The building includes 7,000 square feet of amenity space for the residents’ use. The apartments have high-end finishes and feature high ceilings; kitchens with modern cabinets, quartz countertops and stainless-steel appliances; full-size washers and dryers; floor to ceiling windows; solid core doors; additional insulation for superior sound control; and balconies in select units.
The property is located in the heart of Jersey City, strategically positioned on the border of Journal Square and The Heights. Conveniently located on Central Avenue between Beacon Avenue and Hopkins Avenue, the property is five minutes from the Journal Square PATH Station and Hudson-Bergen Light Rail.
The seller’s attorneys were Russell Anderson and Anthony Bianco of Bertone Piccini LLP and the purchaser’s attorneys were from Schiller, Pittenger & Galvin, P.C.
