301 West Side Avenue Update 05/29/24

Jersey City Development Site Trades for $9.35M

A partially improved development site, located at 301 West Side Avenue in Jersey City, New Jersey, has just traded hands for $9.35 million. The property was purchased by developer, TAY Investments, from the previous owner and developer, Mark Schwartz, in a deal brokered by IPRG.

Spanning, 51,885 square feet, the property is occupied by a 2-story, industrial building. Last year, the previous owner proposed a 200-unit, multifamily development, for the site, and plans were approved by Jersey City's Planning Board. Ultimately the plans fell through, and the developer chose to sell the property. While it's unclear what plans lay ahead, TAY Investments will likely build a multifamily development of their own, with the added benefit of knowing right off the bat what the city will permit.

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