JACKSON, NJ — A 7.73-acre farm at 1020 Farmingdale Rd in Jackson Township has been sold for $5,000,000. The property, listed for 91 days, is zoned for school development and already has approvals in place for three school buildings.
The Jackson Planning Board approved the use of the land, which sits across the street from Cicconi Farms and Nightmare at Gravity Hill.
The parcel was zoned R5, allowing for the construction of school buildings each up to 30,000 square feet and including a dormitory in the overlay. The current home on the property, built in 1942, has four bedrooms and over two and a half bathrooms, covering a total area of 3,668 square feet. The home has been rented and will likely be replaced by the new development.
The high price per square foot of $1,363 indicates the property’s value as a developmental opportunity rather than a residential asset.
The zoning and pre-approved plans make it a unique investment for educational infrastructure.
The sale of the property highlights growing interest in educational development in Jackson Township.
The quick sale, despite the property’s specialized zoning and high price tag, indicates a strong market demand for educational real estate in the area.
The property is currently owned by a Brooklyn-based LLC.