Development Site – Revitalization of Journal Square (Times Square of New Jersey)

New Jersey

Jersey City

SVN|BIOC’s broker originally sold the key site at 136 Magnolia Ave., Jersey City, New Jersey to the Kushner Real Estate Group on behalf of Hershy & Meyer Weiss.  Initially the broker brought a Tenant to the new owner of the recently acquired former Verizon building at 136 Magnolia.  When the lease deal didn’t materialize the broker ‘asked the question’ and the Owner engaged the broker to sell the old Verizon building.  There was a bidding war for the property and Kushner Real Estate Group won at $10,500,000.  In addition, they assembled additional properties in the area and have built or will build 54, 60 and 70-story towers, which will be among the tallest buildings in New Jersey.