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A New York developer is making its way to Jersey City, reportedly with plans to buy a site in the city\u2019s Journal Square section that could house a 42-story residential tower.<\/p>\n
The Wall Street Journal reported late Wednesday that HAP Investments LLC is in contract to buy the site for $28 million. The newspaper said the 80,000-square-foot property, located at 500 Summit Ave., is now partly covered by parking lot.<\/p>\n
Eran Polack, HAP\u2019s chief executive, told the Journal his firm still does not have exact plans for the site, but it could accommodate a 42-story, 1 million-square-foot apartment building. It could include either a hotel or offices, with a park and retail space, the paper reported, capitalizing on the access to the Journal Square PATH station.<\/p>\n