Press Releases
Marcus & Millichap Brokers $2.63 Million Sale of Residential Development Site in Union City, N.J
July 15, 2025
UNION CITY, N.J., July 15, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a residential development site that currently includes a 20,000-square-foot vacant commercial building on a 35,000-square-foot lot in Union City, New Jersey, for $2,630,000.
“This sale attracted significant interest from a wide range of developers due to its prime location near the Lincoln Tunnel and the rare size of the assemblage directly on Kennedy Boulevard,” said Jonathan Zamora, senior director investments in Marcus & Millichap’s New Jersey office. “We were able to secure an all-cash developer who moved quickly to close on the property in as-is condition, without any approvals in place — a testament to the strength of the site and our targeted wide reaching marketing process.” Zamora exclusively marketed the property on behalf of the seller and procured the buyer.
Located at 2000 John F. Kennedy Blvd., the development site included a two-and-a-half-story commercial building across 20th Street—totaling approximately 35,000 square feet of land.
Positioned along Kennedy Boulevard just off Route 495, the property offers immediate access to the Lincoln Tunnel, Route 1 and 9, Route 3, and Interstate 95. It provides strong redevelopment, with ample parking and proximity to regional transit and Manhattan.
“This sale attracted significant interest from a wide range of developers due to its prime location near the Lincoln Tunnel and the rare size of the assemblage directly on Kennedy Boulevard,” said Jonathan Zamora, senior director investments in Marcus & Millichap’s New Jersey office. “We were able to secure an all-cash developer who moved quickly to close on the property in as-is condition, without any approvals in place — a testament to the strength of the site and our targeted wide reaching marketing process.” Zamora exclusively marketed the property on behalf of the seller and procured the buyer.
Located at 2000 John F. Kennedy Blvd., the development site included a two-and-a-half-story commercial building across 20th Street—totaling approximately 35,000 square feet of land.
Positioned along Kennedy Boulevard just off Route 495, the property offers immediate access to the Lincoln Tunnel, Route 1 and 9, Route 3, and Interstate 95. It provides strong redevelopment, with ample parking and proximity to regional transit and Manhattan.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
