Gold Coast Builders Acquires Development Site in Jersey City from Pompillio for $2.55M

Gold Coast Builders has acquired a 5,000 SF development site located at 511 Newark Ave in Jersey City from Pompillio for 2.55M. The property was listed by Tom Misuraca of Keller Williams Realty with an asking price of 2.5M. The sale price represents a 50,000 premium over the asking price and a price per square foot of 510.

The development site is located in the heart of Jersey City, a rapidly growing market that has seen significant investment and development activity in recent years. The site is zoned for mixed-use development, which could include residential, retail, and office space.

Gold Coast Builders is a local developer with a strong track record of successful projects in the Jersey City area. The company has completed several high-profile developments in recent years, including luxury condominiums and mixed-use buildings.

Pompillio is a private individual who owned the development site for several years. The sale represents a successful exit for the seller, who was able to achieve a premium price for the property.

Tom Misuraca of Keller Williams Realty represented the seller in the transaction. Misuraca is a well-known broker in the Jersey City market with extensive experience in commercial real estate. His expertise and market knowledge were instrumental in achieving a successful sale for the seller.

Overall, the acquisition of this development site by Gold Coast Builders represents a significant investment in the Jersey City market. The property’s prime location and zoning for mixed-use development make it an attractive opportunity for the buyer, who has a proven track record of successful projects in the area. The sale also represents a successful exit for the seller, who was able to achieve a premium price for the property with the help of Tom Misuraca of Keller Williams Realty.