$6,250,000 - Jc, Journal Square, NJ
3037 - 3041 John F Kennedy Blvd Jc, Journal Square, NJ - 3037-3041 John F. Kennedy Boulevard, Jersey City, NJ 07306, property consists of 10,999.55 square feet of land, the size of 5 lots, split between Zone 4 of the Journal Square Redevelopment Zone and the R-1 District. Because the majority of the lot is in JSQ Redevelopment Zone 4, Zone 4 applies to the entire site. Although the property spans over one block and lot, the area of the land is equivalent to nearly 5 lots. The property is currently vacant land and is used for commercial parking rented mostly by the teachers of Golden Door Charter School across the street. The current parking leases are month-to-month with an end date of June 2025. The flexible leases and the property requiring no demolition, offers an incredible opportunity to the developers, saving over hundred thousand dollars in demolition expense, as well as reducing months/years of time spent in tenant evictions, obtaining demolition permits, and only requiring planning board approvals and potentially beginning construction in 2025. "Pursuant to Chapter 345-36.B. of the Jersey City Land Development Ordinance “For sites that overlap with multiple zone districts, the zone that covers the largest portion of the site shall govern the entire development site. In the case of overlay zones, however, those standards shall still apply.” In the instance more than 50% of the lot is in Zone 4 of the Journal Square 2060 Plan, then the entire lot shall be governed by those standards." says Zoning Officer, in the Zoning Determination Letter. 6 stories, 64 feet, as of right, resulting into a buildable area of 55,130 G.S.F. (excluding cellar) resulting into 50-60 Units; or a buildable area of 74,994 G.S.F. (excluding cellar) with 19,264 SQ.FT. of Commercial Square Footage. 0 Feet setback required on JFK Blvd, with nearly 12 Foot Setback on Skillman Ave. The full 11,000 s.f. lot coverage permitted in the cellar that can be used for Parking, Utility or Storage. Affordable Housing is not required in Zone 4, while Parking is permitted on lots greater than 60’ in width and this property can accommodate over 25 cars parking in the cellar without the use of mechanical stackers. The site is conveniently located steps from Restaurant Row on Newark Ave as well as Journal Square Path Train Station, the #1 transportation hub in New Jersey. The gentrifying neighborhood is evident from the new construction residential and mixed use projects surrounding the property, making it an ideal and safe and promising investment for any investor.