Shearman & Sterling is advising Strategic Capital on the purchase of 75 Park Lane and 2 Shore Drive North, two residential development sites totaling 1.85 acres along the Hudson River waterfront in Jersey City, New Jersey.
The development sites are located in the Newport section of Jersey City directly across the Hudson River from lower Manhattan. This location is steps from the Hudson River Waterfront Walkway providing access to Hoboken and is close to the Newport PATH station providing train service to Midtown, the World Trade Center and Newark Penn Station. 75 Park Lane is approved for a 37-story condominium building. Shore Lofts is approved for a seven-story condominium building. Combined, the two will bring a total of approximately 608,000 square feet of residential space and 24,000 square feet of retail space to Newport.