ha the park..I remember this "deal".

The city got that sloped sliver of land along the rail road cut between Summit and Baldwin in return for giving the current owners the right to go 42 stories because they were not included in the JSq 2060 development plan.

I knew they would flip the land and did to the tune of $28 million, but JC got a sloped park great.

It was another settle out of court deal that the Healy law department did so well.

Put this address in goggle or bing map > 500 summit ave jersey city <

The Hilltop neighborhood was supposed to get a park as a consolation prize for this horrible deal. Any word on that?

Rich Boggiano, who represents Journal Square on the City Council, opposed the Robinhood deal and remains opposed now that Polack is involved.

Click here to read more.

By Keith Loria, Contributing Editor

AP Investments L.L.C. is in contract to acquire 500 Summit Ave., a nearly one-acre lot in Jersey City for a reported $28 million.

The company plans to develop the prime Journal Square location into HAP Tower, comprised of a 42-story apartment building, offices and retail. The anticipated cost of the 1 million-square-foot development is estimated to be $400 million.

Currently a parking lot, the site is located at the summit of Jersey City and affords views of Manhattan and the metropolitan region.

?There are many developments in this area but we want to build a project that will surpass our competition in design and luxury,? Eran Polack, HAP Investments? CEO, told Commercial Property Executive. ?This transaction fits with the company?s philosophy of investing in developing areas that are locations of great growth in the future.?

HAP Investments is committed to sound environmental development, and will create an open urban green space environment for the project.

The site is in close proximity to some of the region?s convenient transportation links, including: PATH, Amtrak and bus routes to numerous regional destinations. Future retail shoppers, residents and office workers will also able to access Journal Square through the adjacent local and regional road system.

According to Polack, the company was attracted to the development because of its distance from the city, the potential views of the project, the price and the tax abatement structure.

?The prices in Manhattan are extremely high right now and Journal Square?s prices are attractive to us,? Polack said. ?Furthermore, the government of the city is pro-development right now. We also see a lot of projects going up in the area which will make this project very attractive and have a lot of potential buyers.?

This is HAP?s first venture in New Jersey. The company has been very active in Upper Manhattan and the East Harlem areas with properties including: 419 E. 117th St., 247-249 E. 117th St., 2338 2nd Ave., 329 Pleasant Ave., and 1655 Madison Ave. In addition, the company purchased a major development site at 215-219 W. 28th St., in New York City?s Chelsea neighborhood.

Read More: http://www.cpexecutive.com/regions/no ... -in-jersey-city-for-400m/