JERSEY CITY, NJ—GRID Real Estate, LLC arranged the $19.5 million sale of Puccini’s,the famed Italian catering hall and eatery on Jersey City’s West Side, along with six adjacent parcels.
Bob Antonicello, Sr. and Bobby Antonicello of GRID Real Estate and Charles Berger, vice president, andRobert L’Abbate of CBRE Capital Markets’ Investment Properties team in New Jersey, and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York, brokered the deal.
The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution facility, several multifamily homes, Puccini’s Restaurant – a landmark establishment – and associated parking. The seven-lot assemblage is located at 1064, 1072, and 1075 W. Side Ave., 54 Broadway and 153 Corbin.
New York-based Amerstate Holdings, LLC purchased the Puccini’s properties from Boca Corp, long time owners of the four-acre site. CBRE says the buyer plans to develop the four-acre site into a mixed-use complex comprised of more than 500 residential units, as well as ground-floor retail, which will enhance greatly the area’s streetscape.
“The sale of the Puccini’s assemblage indicates that the Journal Square housing boom is pushing further west with real estate prices up double digit percentages in the Journal Square area,” saysBob Antonicello, principal of GRID.
The seven properties, including Puccini’s Restaurant, a small apartment building, and a vacant textile factory are less than one half mile west of the Journal Square PATH Station. The site is zoned for multi-family, mid-rise buildings, with “as of right zoning” for 580 units.
Antonicello says Journal Square’s inherent value is becoming “front and center” after decades of developers focusing on the city’s Downtown. “In the next 12 months,” he says, “the neighborhood is going to see robust growth, as the core of the Square is redeveloped and the new Path Transportation Center at the Trade Center comes on line.”
UPDATE, 3/2/2015: This story has been updated with additional perspective on the transaction provided by CBRE subsequent to publication.