Matthews™ Close $13.7M Sale of The Journalist Apartment

Record Sale in Journal Square

 

Jersey City, NJ — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of The Journalist, a vacant 38-unit, 2023-built apartment building at 96-100 Tuers Ave, Jersey City, NJ. The property sold for $13,700,000. Matthews™ Vice President and Director David Ferber, CPA, represented both the seller and buyer in the transaction.

 

The buyer is looking to acquire new construction assets throughout the state. The Journalist fit the criteria and is located in the heart of Journal Square, a bustling residential, business, and transportation hub of Jersey City. Initiating a competitive marketing process, Ferber sourced over 10 offers and executed a contract within 30 days of marketing, leading to a 60-day closing.

 

“Our shared database allowed access to over 15,000 qualified investors to receive a marketing email, and we were able to track the buyers who were interested. Those leads were all prequalified and resulted in 15 offers generated in writing. This created a lot of excitement, pressure, and urgency when it came to counters to get the best price and terms for the seller,” Ferber said.

 

The buyer plans to update the amenities of the current property to secure a strong tenant pool, as the building was vacant at closing. The acquisition represents the highest-priced sale in Journal Square for 2024 so far.

 

“Our team currently has over $100M and 600+ units in new listing and deals under contract – all through Hudson County,” Ferber said. “We are seeing plenty of capital coming into the Hudson County market for the right deal.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.