Property
Van Leer Place
Location
Jersey City, NJ
Size
568 Units
Value
$38M
Type
Sale

Van Leer Place

BlueGate Partners has been exclusively retained to arrange for the sale of, or selection of a co-development partner for, the fully-approved development site known as Van Leer Place in desirable Jersey City, New Jersey (the “Project” or “Site”). Situated along Jersey City’s northern border with Hoboken, the Site is approved for two, six-story, luxury apartment buildings with a total of 568 apartment homes (425,635RSF), 7,160 square feet of retail space and a 570-space structured parking garage. With an abundance of transportation options easily accessible from the Project including Port Authority Trans-Hudson (“PATH”) rapid transit trains, New Jersey Transit buses and commuter rail service and NY Waterway ferries, future residents will benefit from unparalleled access to the entire New York City metropolitan area.

The Site possesses two key cost advantages over other potential Jersey City developments. First, Van Leer Place’s six-story building height allows for meaningful hard cost savings from the more expensive high-rise construction costs typically associated with 500+ unit developments in Jersey City. Second, the parking garage planned for the Project is a pre-cast, on-grade structured garage, which costs significantly less to construct than the below-grade or podium-style garages typical of large Jersey City developments.