6B — July 13 -26, 2018— Southern New Jersey — M id A tlantic

Real Estate Journal


S outhern N ew J ersey Schechtman, Lieberman and Kassin, are representing the seller Meridian lists the Avenir, a mixed-use development site in Jersey City for $50 million J JERSEY CITY, NJ — Meridian Investment Sales , the commercial and Abie Kassin , are rep- resenting the seller in this transaction.

magnitude. Investors will have the ability to immediately begin construction and will benefit from the shortage of class-A housing in this highly desirable neighborhood. The City of Jersey City and the Port Authority of New York and New Jersey recently agreed to dedicate funds to performing a feasibility study for a new Marion PATH sta- tion, which would be located within two blocks of the Avenir development site. Neighbor- hoods surrounding existing PATH stations have benefitted greatly from increased foot traf- fic, varied retail, and elevated property values. Situated adja- cent to the proposed PATH rail and just a few blocks from the Journal Square Station, future occupants will enjoy easy access to mass transportation. Jersey City has experienced an unprecedented influx of devel- opment in recent years, with more than 7,000 residential units completed from 2015 to 2017. With high-profile devel- opers flocking to the neighbor- hood due to its proximity to Manhattan and relative af- fordability, new hotels, office buildings, and residential de- velopments are permeating the area. Jersey City residents enjoy excellent access to mass transportation via the New Jersey Light Rail and PATH stations and benefit from im- mediate proximity to Newark International Airport, 15 min- utes away by car.  Parekh, P.E., LSRP joins GZA FAIRFIELD, NJ — GZA , a leading geotechnical and environmental consulting firm,

p r o p e r t y sales division o f Me r i d - ian Capital Group pres- ents for sale the Avenir, a mixed-use development site located

Located at 1072 and 1075 West Side Ave., the site spans 3.35 acres and contains 659,000 buildable s/f . The property will be eight stories and con- tain 486 studio, one-, two-, and three-bedroom apartments in addition to 25,000 s/f of com- mercial space. The site has been approved by the Jersey City Planning Board, is eligible for a 20-year Payment in Lieu of Taxes (PILOT), and presents a rare opportunity to acquire an as-of-right development of this

David Schechtman

in the Marion neighborhood of Jersey City. Senior execu- tive managing director, David Schechtman , and managing directors, Lipa Lieberman

The Avenir rendering by Marchetto Higgins Stieve Architects

JAMES M. TURTELTAUB, ESQ. Partner CARLIN & WARD, P.C. 25A Vreeland Road, Suite 105 Florham Park, New Jersey 07932 (973) 377-3350 James.Turteltaub@carlinward.com

a n n o u n c e s BhuvneshJ. (BJ) Parekh as a senior consultant in the Fairfield office. In this role, his focus will be envi- r o nme n t a l

Our firm’s attorneys possess a broad range of skills and experiences to service your real estate related needs in the areas of development, redevelopment, land use, eminent domain, leasing, purchase and sale agreements, and litigation.

Bhuvnesh Parekh

engineering/remediation. He is a licensed Professional Engineer and Licensed Site Re- mediation Professional (LSRP) in the state of New Jersey. Parekh joins GZAwithmore than 20 years of experience in management, environ- mental consulting, soil and groundwater remediation, engineering and construction management. 

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