JERSEY CITY | 75 Park Lane & 2 Shore Drive North | 414 FT | 37 FLOORS

[chris08876]

Jersey City development sites sold; condo buildings planned

The investment arm of a Chinese construction conglomerate has purchased two residential development sites in Jersey City, planning to build condominiums on them, according to real estate services firm Holliday Fenoglio Fowler L.P.

HFF said Tuesday that Strategic Capital, a unit of CSCEC, has acquired the combined 1.85 acres in the Newport section of the city along the Hudson River waterfront from an undisclosed seller.

One site, 75 Park Lane, is approved for a 37-story condominium building, while the other, 2 Shore Drive N., is approved for a seven-story condo building to be called Shore Lofts. The two buildings will comprise a total of 608,000 square feet of residential space and 24,000 square feet of retail space, HFF said.

“Jersey City has become known as the ‘Sixth Borough’ or ‘Wall Street West’ and is widely regarded as one of the best condominium development sites in the region,” Jose Cruz, HFF senior managing director, said in a prepared statement. “Continued low interest rates, scarcity of for-sale product and attractive condominium prices compared to Manhattan will ensure that 75 Park Lane and Shore Lofts are well-received in the market.”

HFF marketed the sites on behalf of the seller, it added. The investment sales team was led by Cruz, Kevin O’Hearn, managing director, and Marc Duval, senior real estate analyst. They were supported by Andrew Scandalios, senior managing director, and Stephen Simonelli, associate director.

Shearman & Sterling LLP served as legal counsel to Strategic Capital, which is also affiliated with Jersey City-based China Construction America.

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http://www.njbiz.com/apps/pbcs.dll/a...ldings-planned