JERSEY CITY, N.J. (March 2, 2015) – CBRE Group, Inc. announced today it has arranged the sale of a four-acre development site in Jersey City, NJ, for $19.5 million. The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution facility, several multifamily homes, Puccini’s Restaurant – a landmark establishment – and associated parking. The seven-lot assemblage is located at 1075 W. Side Ave, 1072 W. Side Ave, 1064 W. Side Ave, 54 Broadway and 153 Corbin.
Charles Berger and Robert L’Abbate of CBRE Capital Markets’ Investment Properties team in New Jersey, and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York represented the seller and procured the buyer in the transaction. The team worked alongside local Jersey City brokers Robert Antonicello and Robert Antonicello, Jr.