Veris Residential is selling a harborside site in Jersey City for $75 million

Veris Residential is saying goodbye to another part of the Harborside complex on Jersey City’s waterfront, handing over the keys to a major development project to Panepinto Properties.

Panepinto acquired Harborside 8 and 9 at 3 Second Street and 242 Hudson Street from Veris for $75 million, NJ.com reported. The four-acre development site already has full approval for a large-scale residential and retail complex on the Hudson River.

At Harborside 8, Panepinto will build a 65-story, 678-unit apartment building with 8,500 square feet of retail space, a 350-space parking garage and a redesigned public park. At Harborside 9, zoning approval last year called for a 57-story building with 579 units, 150,000 square feet of retail space and a 555-space garage.

In total, the complex will comprise more than 1,250 residential units.

“This acquisition reflects my long-standing belief that this former industrial waterfront would evolve into a modern, world-class community,” said developer CEO Joseph Panepinto Sr.

A team from Cushman & Wakefield arranged the sale for Veris Residential. The brokerage previously helped Veris sell six harborside buildings for a total of $609 million.

In 2023, Related paid $58 million for Harborside 4, planning an 800,000-square-foot luxury multifamily complex as the first project of that asset type in the Garden State. 601W Companies acquired the office buildings at Harborside 1, 2 and 3 for $420 million

Panepinto has other major fires in the Jersey City development furnace.

Ironstate Development Company and Panepinto recently secured $340 million in balance sheet loans for 50 and 70 Columbus, the joint venture’s 938-unit mixed-use complex on the city’s waterfront.

The double high-rise, built in 2007 and 2015, is 36 and 48 storeys high above Grove Street Path station. The properties are more than 98 percent leased as of September and include nearly 28,000 square feet of retail space, which is fully occupied.

— Holden Walter Warner

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