Description
Finally another property on Cottage Street.. Four Family, 2 blocks from JSQ path, sitting on an Oversized Deep Lot with over 2,750 (25' X 110') square feet of land, placed within the opportunity zone as well as redevelopment zone 4 of Journal Square Redevelopment zone. The current zoning allows for a 4 story 44' high residential or hotel. Deep lot provides sufficient FAR to accommodate elevators without losing the livable square footage, while allowing to build 9 residential rental or condominium units or up to 14 hotel keys. Peach tree hospitality located at 78 Cottage ST, 18 key hotel is currently generating a gross annual income of over $500,000. The current 4-unit property has 8 bedrooms, 5 full bathrooms and approx. 6,350 Square feet of livable space, currently generating $112,200 in scheduled gross income. The property can be delivered fully vacant. The property is located one block from restaurant row on Newark avenue, offering various Restaurants, Cafe, Supermarkets, law offices and Banks. Hospitals and Corporate Offices. Conveniently located near banks, hospitals, and steps from Homestead Place, a new walkway extension of Homestead Place featuring retail on the ground over various 20 - 27 story high-rise buildings, with an influx of over 2,000 new construction units on the same street. The gentrifying neighborhood is evident by the new construction residential and mixed use projects surrounding the property including 2958 Kennedy, "Imperial Tower", the pinnacle of luxury and convenience in Jersey City. The upcoming Homestead Place Pedestrian Plaza will house many new cafe, restaurants, office and retail spaces surrounding the area, a street referred most commonly as being similar to Stone Street in Manhattan's Financial District. A quick 5-minute walk from the site provides access to the Journal Square Path Train, # 1 transportation hub in Jersey City, and arrive in New York City within sixteen minutes via the Path train. In addition, the site provides quick access to Newark Airport, JFK Airport and LaGuardia Airport via major roadways such as Route 1 & 9, Highway 139. Ideal investment for long term appreciation.
