Press Release

CBRE Arranges $14.5 Million Sale of Multifamily Development Site at 15 Essex Street in Harrison, NJ

11 12 2018

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CBRE today announced the $14.5 million sale of a 5.35± development site at 15 Essex Street in Harrison, New Jersey. Located in a thriving transit-oriented residential and mixed-use neighborhood, which lies within the Waterfront Redevelopment area, the site consisted of a 233,000 sq. ft. warehouse facility and a vacant lot utilized for parking. 

CBRE’s Charles Berger, First Vice President; Elli Klapper, First Vice President; and Mark Silverman, Associate, of the Tri-State Investment Properties team along with Senior Vice Presidents Thomas Sullivan and Paul Touhey of Advisory & Transaction Services, represented the seller and also procured the buyer, 28th President LLC.

"Our Tri-State Investment Properties team is proud to have achieved excellent pricing for our client, while at the same time providing a tremendous opportunity for the buyer to continue taking advantage of the transformation of the Harrison landscape," said Mr. Berger. “We were able to help our client navigate this long and complicated process and are excited to be a part of Harrison’s downtown transformation. Along those lines, we also have a variety of similar deals coming to market over the next several months in Hudson County and other up and coming urban centers.”

Ideally located along the Passaic River waterfront, just minutes from Manhattan, Hoboken and Jersey City, 15 Essex Street provides a unique opportunity for a large-scale development just blocks from the PATH station consisting of residential apartments, retail and parking facilities in one of the most active areas in New Jersey. There are currently 6,000 units under construction or in the planning phases in Harrison as part of the city’s major revitalization effort.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.