Veris Residential has sold a significant part of its Harborside complex in Jersey City to Panepinto Properties for $75 million, according to NJ.com. The transaction involves Harborside 8 and 9, located at 3 Second Street and 242 Hudson Street, covering four acres on the Hudson River waterfront. These sites have full approval for large-scale residential and retail development.
Plans for Harborside 8 include a 65-story apartment building with 678 units, 8,500 square feet of retail space, a parking garage with capacity for 350 vehicles, and an updated public park. For Harborside 9, the approved site plan features a 57-story tower with 579 apartments, 15,000 square feet of retail area, and a garage that can accommodate 555 cars. Combined, these projects will add over 1,250 new residential units to the area.
“This acquisition reflects my longstanding belief that this formerly industrial waterfront would evolve into a modern, world-class community,” said Joseph Panepinto Sr., CEO of Panepinto Properties.
Cushman & Wakefield brokered the sale on behalf of Veris Residential. The firm previously managed sales totaling $609 million across six other Harborside buildings.
Recent transactions at the Harborside complex include Related’s purchase of Harborside 4 in 2023 for $58 million with plans to develop an approximately 800,000-square-foot luxury multifamily project—the company’s first such venture in New Jersey. Additionally, office buildings at Harborside 1, 2 and 3 were acquired by the company 601W Companies for $420 million.
Panepinto Properties is also active elsewhere in Jersey City. In partnership with Ironstate Development Company, it recently secured $340 million in loans for its mixed-use project at 50 and 70 Columbus, which together offer nearly one thousand apartments above fully leased retail space near Grove Street Path station.
