Related Companies has landed in Jersey City as the company sets its sights on its first multifamily development in the Garden State.
Stephen Ross’s firm threw $58 million at Mahbod Nia’s Veris Residential to acquire a significant land parcel in Jersey City, Commercial Observer reported. The Hudson River waterfront site, Harborside 4, will be remade into an 800,000-square-foot luxury multifamily property.
The deal, brokered by Newmark and Cushman & Wakefield, expands Related’s multifamily portfolio beyond major cities like New York, Boston, Chicago, and Los Angeles.
Adam Spies and Doug Harmon from Newmark spearheaded the transaction, representing both the buyer and seller and collaborating with teams from Cushman & Wakefield and CBRE.
Veris previously hinted at the sale of Harborside 4 in its second-quarter earnings call, but the real estate investment trust didn’t specific details, keeping the buyer’s identity confidential.
The REIT also mentioned being in the process of selling Harborside 6, a neighboring 245,364-square-foot office building, for $188 million, though the purchaser remained unidentified.
The sale of Harborside 4 comes on the heels of the previous sale of Harborside 1, 2, and 3 in April, when 601W Companies acquired the office buildings for $420 million.
– James Van Bramer
Read more
Residential
New York
Related’s resi struggles in Hudson Yards left $1B unsold
Development
South Florida
Cleared for takeoff: Steve Ross, Jeffrey Soffer land Miami airport hotel deal
Development
New York
Tenants greenlight Related, Essence’s NYCHA teardown