70 Central Lofts, a newly constructed 31-unit apartment building on Central Avenue in Jersey City, changed hands for $20 million in an all-cash transaction, which is among the highest per-unit prices paid for a new construction building in Jersey City.
Kislak Vice President Davis Briones handled the exclusive listing for the seller, Legacy Development Group. Briones also secured the buyer, 70 Central Lofts, LLC.
Perhaps just as remarkable as the high sales figure is the fascinating history behind the lot at 70 Central Avenue in The Heights, just south of the newly reopened Reservoir Number Three. For more than a century, locals could get their cars fixed at Joseph Cabala Auto Body. Joseph Cabala, Sr., first opened the business in 1919. A 1956 advertisement in the Secaucus Home News boasts that the shop was “one of the oldest established auto body and refinishing firms in Hudson County.” Now, the longtime neighborhood fixture is a memory, a piece of Jersey City history.
Jersey Digs first reported on prospective plans for the development under the Hopkins and Central Avenues Redevelopment Plan in January 2019. Property records reveal that the lot sold for $2.325 million in August of 2019, and Legacy Development Group announced formal plans for the site in 2020.
Per data available from CoStar, the $20 million price is the highest price per unit sale for a 10-plus unit multifamily property in Jersey City since 2021.
“This landmark sale not only reflects the thriving Jersey City market but also sets the stage for continued growth and greater opportunity in the area,” commented Kislak’s Briones. “At $625,000 per unit, it is among the highest prices per unit paid for a new construction building in Jersey City.”
Finished in 2024, 70 Central Lofts is a five-story complex with 31 units, a parking garage, and a 1,696-square-foot ground floor retail unit. Residents have access to 7,000 square feet of amenity space. All apartments feature floor-to-ceiling windows, high-end finishes, high ceilings, modern kitchens with stainless steel appliances, and full-size washer and dryers. Select units enjoy balconies. The building provides easy access to the Journal Square PATH station and other public transportation options.
