Albanese closes $70 million land deal in Jersey City, eyes 670-unit apartment tower

OCTOBER 11, 2022

The Albanese Organization is planning 670 luxury apartments at 286 Coles St. in Jersey City, as depicted in this rendering by Marchetto Higgins Stieve Architects — Courtesy: Grid Real Estate

By Joshua Burd

A developer has acquired nearly two acres in Jersey City with plans to build 670 luxury apartments on the property, in a recently completed deal by Grid Real Estate.

The Albanese Organization, a Garden City, New York-based firm, paid $70 million for the 1.83-acre parcel at 286 Coles St., where it joins a growing list of builders involved in revitalizing a neighborhood near the Hoboken border and just west of the Holland Tunnel. The firm reportedly plans to break ground early next year, with approvals in place and plans calling for the project to span the entire block between 16th and 17 streets.

Grid’s Bob Antonicello and Bobby Antonicello Jr. represented Albanese in the deal, noting that Hoboken Brownstone Co. previously owned the land. Eugene Paolino and Jeff Rich of Genova Burns LLCwere also involved in the transaction.

“We are excited to play a part in the redevelopment of 286 Coles Street,” Bob Antonicello said. “The Albanese team has designed a world-class mixed-use property that will be a welcomed addition to the downtown/Hoboken residential market.”

Part of a large redevelopment area, the Albanese project would rise alongside thousands of other units that have helped transformed the longtime industrial neighborhood at the northern end of Jersey Avenue. The area is also home to the recently opened Coles Park as a result of a $2.5 million investment by Manhattan Building Co., which has delivered nearly 800 apartments in the neighborhood since 2013 and had another 350 under construction when it broke ground on the park in late 2019.

Albanese, for its part, has other projects in Jersey City, including the Hendrix, a 482-unit property at 184 Morgan St., and the proposed 6th Street Embankment project.