LCOR announced that it acquired 107 Morgan Street, a 1.73-acre multi-housing development site located in Jersey City’s Waterfront neighborhood, for $54 million.
JLL worked on behalf of the seller, Veris Residential, and procured the buyer.
107 Morgan Street is situated within Jersey City’s Powerhouse Arts District Redevelopment Plan and, more specifically, the High-Rise Zone, which allows for high-density residential uses as of right. The Powerhouse Arts District was established in Jersey City in 2004 to encourage economic development while creating a business incubator for the local artist community to ensure that the local neighborhood retains its diverse cultural identity. Upon completion, 107 Morgan Street will include approximately 650 units, ground-floor retail and amenity space.
The property is located less than 0.25 miles from the Grove St PATH station and 0.5 miles from the Exchange Place PATH, offering residents access to Manhattan’s World Trade
