September 17, 2015
BlueGate Retained to Sell or Select a Co-Development Partner(s) for a Fully-Approved Jersey City Multifamily Development Opportunity
BlueGate Partners LLC has been exclusively retained by McKinney Properties and Hoboken Brownstone 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.
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 (425,635 RSF), 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.
The Site possesses exceptional access to the employment and lifestyle options of Hoboken, Jersey City and Manhattan and presents a rare opportunity to purchase or partner in a fully-approved development in one of the country’s most desirable submarkets.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.
VAN LEER TEASER