JERSEY CITY, NJ - The Fairmount at McGinley Square, with 58 newly constructed apartments and 3,200 of commercial space, has sold. Tenth Avenue Holdings (TAH) Properties bought the upscale mixed-use building from KABR for $23.75 million.
“Completed last year, The Fairmount is a striking urban-chic core asset and an example of how a premier residential landmark can and does serve as a catalyst for smart-growth neighborhood revitalization,” said Niko Nicolaou of Gebroe-Hammer Associates, who arranged the sale. “Situated at the ‘true heart’ of Jersey City where Montgomery Street and Bergen Avenue meet, The Fairmount’s completion marked the first new development in almost a decade for the neighborhood. As such, it has paved the way for continued expansion of this highly walkable, transit-centric district.”
Featuring studios, one bedroom/one bath and two bedroom/two bath layouts, the apartments feature gourmet kitchens, designer baths, vaulted ceilings, custom closets, in-unit washer/dryer and modern oversized windows. The Fairmount also boasts rooftop deck with NYC skyline views, BBQ and picnic area for al fresco dining, gated private driveway and ground-floor covered parking and bike storage. Meanhwile 3,200 SF of ground-floor retail space on Bergen Avenue is currently home to SportsMed Physical Therapy.
“McGinley Square is well on its way to making a ‘comeback’ as demonstrated by The Fairmount’s per-unit price of $402,500 – which up until now has been primarily limited to the waterfront district,” said Nicolaou. “While the immediate area surrounding the square has a high concentration of redevelopment initiatives, multifamily investment interest is fueling a ripple effect that extends outward.”
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