According to reports, Related Companies purchased 4 Harborside from Veris Residential in Jersey City for $58 million. The developer expects to build a multi-family structure on the site.
Veris had originally intended on building a 1.2 million-square-foot commercial office site when it purchased the parking lot from AT&T in 1996. Related is not going to build a commercial structure but rather a multi-family 800,000 sq ft comprised of rental apartments. This will represent Related’s first residential property in Jersey City; they currently own rental properties in New York, Boston, Chicago and Los Angeles.
Veris, a REIT, disclosed during a recent earnings call that it was under contract to sell 6 Harborside as well but did not disclose who the buyer was. 6 Harborside is a 245,000 sq-ft commercial office building that they are under contract to sell for $188 million.
The recent 4 Harborside sale also follows the sale of Harborside 1, 2, and 3 by Veris back in April 2023, for $420 million, as reported by The Observer.
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