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829 Garfield AveJersey City, NJ 07305
829 Garfield Avenue
Asset ClassMultifamily
overview of deal

Overview

Newmark has been engaged as exclusive advisor in the sale of 829 Garfield, a newly constructed, 110 apartment, transit and pedestrian centric, mixed-use asset located in Jersey City, NJ. The Property offers a distinct pricing advantage for the market with larger apartments, fitness center, secure garage parking, outdoor terrace with firepit, grills and dog run. The commercial space is fully leased through 2036. The generous two and three bedroom apartments have designer finishes with open floor plans, oversized windows, heated bathroom floors and 9’ ceilings. The location is one block from Hudson Bergen Light Rail with access to downtown Jersey City PATH, New York City and Hoboken while I-78 is 1/4 mile away.

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Investment Highlights

CLASS A COMMUNITY

  • Kitchens feature GE stainless steel appliances, black quartz countertops, tile backsplash, dual-tone cabinetry, built-in breakfast bar, pendant lighting Baths offer radiant heated flooring and glass shower enclosures. Open-concept layouts with washer / dryers, expansive windows, wood-style flooring, walk-in closets, private outdoor terrace.
  • Fitness center, resident lounge, work from home hub, landscaped courtyard with BBQ grills, firepit and dog run, gated parking garage, virtual doorman, package room and bike storage.

IDEAL LOCATION

  • One block from Hudson Bergen Light Rail Station, providing connections to downtown Jersey City PATH, Manhattan, Hoboken, Weehawken and beyond.
  • Half mile from Liberty State Park, offering 1,200 acres and views of the Statue of Liberty and one block to Berry Lane Park, featuring sports fields, playgrounds and skate park.
  • Short walk to restaurants including The Factory, Harry’s Daughter, Pinwheel Garden, Torico Ice Cream, Samurai Sushi, The Grind Coffee Shop and several breweries & distilleries.
  • Proximate to Liberty Science Center, Liberty National Golf Club, Newark Liberty International Airport, New Jersey City University and Saint Peter’s University.

STRONG MARKET PERFORMANCE

  • Jersey City rents have grown 6.37% annually since 2022 with less than 3.5% vacancy.
  • Rents at 829 Garfield are well below neighboring transit locations at $3,079 ($3,11 SF) when compared to downtown Jersey City are $5,387 ($5.03 SF) and Lower Manhattan $5,410 ($7.04 SF)

BOOMING SUBMARKET

  • Nearly 2,700 apartments have been delivered in Bergen Lafayette since 2010 and over 32,000 in Jersey City, attracting young, affluent residents and expanding residential amenities.
  • Located across from master planned Canal Crossing Redevelopment which will house 7,600 new apartments and nearly 9 acres of new parks.
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829 Garfield AveJersey City, NJ 07305

Sales Team

Kevin WelshExecutive Managing Director(201) 528-0862kevin.welsh@nmrk.com
Brian SchulzManaging Director(201) 528-0844brian.schulz@nmrk.com
Christopher KramerVice Chairman(212) 850-5472christopher.kramer@nmrk.com
Ricky BrahaExecutive Managing Director(212) 372-2080ricky.braha@nmrk.com

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