171 Bergen Ave. in Jersey City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A private buyer has closed on a development parcel in Jersey City’s growing Bergen-Lafayette neighborhood, brokers with Cervelli Real Estate & Property Management announced.
According to a news release, the roughly 6,700-square-foot tract at 171 Bergen Ave. traded with entitlements for some 24 to 30 residential units. Also notable is its location within a federally designated Opportunity Zone, which provides potential tax benefits for a would-be investor.
Chris Cervelli and Gary Baez of Cervelli Real Estate & Property Management arranged the $715,000 deal.
“The sale reflects continued investor demand for development-ready sites along the Bergen Avenue corridor, close to John F. Kennedy Boulevard and within easy reach of New York City,” Cervelli, which is based in North Bergen, wrote in a news release last week.
