Newkirk Street

Newkirk Street

Synapse acquired an 11,000 square foot lot in the Journal Square section of Jersey City in May 2013. The site was zoned for the construction of a 65,000 sf residential project, however the land parcel was encumbered with an easement, controlled by the Jersey City Redevelopment Authority, that impaired the development rights of the site. Prior to closing, Synapse held preliminary discussions with the JCRA regarding the release of the easement and was successful in vacating the easement within 90 days of closing via a public process. The land was sold one year later at a 30% profit.