{"id":1004093462,"date":"2014-04-02T12:02:52","date_gmt":"2014-04-02T20:02:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004093462"},"modified":"2022-12-08T18:33:51","modified_gmt":"2022-12-09T02:33:51","slug":"hap-investments-to-buy-1-msf-development-site-in-jersey-city-for-400m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hap-investments-to-buy-1-msf-development-site-in-jersey-city-for-400m\/","title":{"rendered":"HAP Investments to Buy 1 MSF Development Site in Jersey City for $400M"},"content":{"rendered":"

\u00a0By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Eran<\/a>

Eran Polack, Hap Investments<\/p><\/div>\n

HAP Investments L.L.C. is in contract to acquire 500 Summit Ave., a nearly one-acre lot in Jersey City for a reported $28 million.<\/p>\n

The company plans to develop the prime Journal Square location into HAP Tower. It comprises a 42-story apartment building, offices and retail.\u00a0 The anticipated cost of the 1 million-square-foot development is estimated to be $400 million.<\/p>\n

Currently a parking lot, the site is located at the summit of Jersey City and affords views of Manhattan and the metropolitan region.<\/p>\n

\u201cThere are many developments in this area but we want to build a project that will surpass our competition in design and luxury,\u201d Eran Polack, HAP Investments\u2019 CEO, told Commercial Property Executive<\/i>. \u201cThis transaction fits with the company\u2019s philosophy of investing in developing areas that are locations of great growth in the future.\u201d<\/p>\n

HAP Investments is committed to sound environmental development, and will create an open urban green space environment for the project.<\/p>\n

The site is in close proximity to some of the region\u2019s convenient transportation links, including: PATH, Amtrak and bus routes to numerous regional destinations. Future retail shoppers, residents and office workers will also able to access Journal Square through the adjacent local and regional road system.<\/p>\n

According to Polack, the company was attracted to the development because of its distance from the city, the potential views of the project, the price and the tax abatement structure.<\/p>\n

\u201cThe prices in Manhattan are extremely high right now and Journal Square\u2019s prices are attractive to us,\u201d Polack said. \u201cFurthermore, the government of the city is pro-development right now. We also see a lot of projects going up in the area which will make this project very attractive and have a lot of potential buyers.\u201d<\/p>\n

This is HAP\u2019s first venture in New Jersey. The company has been very active in Upper Manhattan and the East Harlem areas with properties including: 419 E. 117th St., 247-249 E. 117th St., 2338 2nd Ave., 329 Pleasant Ave., and 1655 Madison Ave. In addition, the company purchased a major development site at 215-219 W. 28th St., in New York City\u2019s Chelsea neighborhood.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

HAP Investments is under contract to acquire 500 Summit Ave., a nearly one-acre lot in Jersey City, in conjunction with its planned development of the Journal Square site into HAP Tower. It comprises a 42-story apartment building, offices and retail.
\n\u2026<\/p>\n","protected":false},"author":952,"featured_media":1004093473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,11,21752,1600,21742,10,21747,21749],"tags":[],"class_list":["post-1004093462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midatlantic","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"\nHAP Investments to Buy 1 MSF Development Site in Jersey City for $400M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hap-investments-to-buy-1-msf-development-site-in-jersey-city-for-400m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HAP Investments to Buy 1 MSF Development Site in Jersey City for $400M\" \/>\n<meta property=\"og:description\" content=\"HAP Investments is under contract to acquire 500 Summit Ave., a nearly one-acre lot in Jersey City, in conjunction with its planned development of the Journal Square site into HAP Tower. 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