BlogGrid Real Estate News
March 25, 2020

Just Sold — Liberty Industrial Park, Jersey City

The Jersey City-based Grid Real Estate has announced the sale of two (2) industrial properties in Jersey City’s Liberty Harbor Redevelopment Area, commonly known as ”Liberty Industrial” Park. The properties, 14-16 Burma Road, an 81,000 square foot industrial property and 150 Theodore Conrad Drive, a 40,000 square foot industrial property are currently leased to Capital Moving and Storage. Capital Moving and Storage, based in Jersey City, were the sellers of both properties. Both properties have a lease-back provision to the sellers. The acquisition of both properties was by New Jersey-based Limited Liability Corporations (LLC’s) with a large industrial portfolio in the tri-state area. The $23,750,000 sale for both properties is one of the highest prices per square foot price for existing industrial properties in the market. It is anticipated that both properties will be part of New Jersey’s growing entertainment studio production business. “We fully expect these two prime industrial…
BlogGrid Real Estate News
March 24, 2020

Jersey Boys: Why Kushner Companies always bets big on their home state

The multifamily market in New York City may have just suffered through one of its slowest years in recent memory, but things are not nearly as bleak across the river — particularly for Kushner Companies. The firm made a big bet on the state’s multifamily market early in 2020, buying seven rental buildings from First Real Estate Investment Trust (REIT) of New Jersey for $266.5 million. The portfolio consists of 1,058 units in Wayne, River Edge, Westwood Hills, Rockaway, Red Bank and Hackensack, as well as Middletown, New York. The First REIT of New Jersey portfolio was just the latest of several acquisitions Kushner Companies has made in the state in recent years, even as its planned project at One Journal Square in Jersey City has stalled out amidst a bitter feud between the developer and the city. The company has spent millions on properties along the state’s waterfront and is continuing…
BlogGrid Real Estate News
March 24, 2020

West Campus: Understanding The Money

NJCU’s West Campus development continues to grow as new buildings appear on the 21-acre site. The total projected estimate for the project, also known as University Place, is about $400 million, most of which is coming from real estate developers. The first building constructed was the West Campus Village dorm in 2016. Since then, new luxury apartment buildings were built. However, there are questions about who will benefit from this project, how it’s being funded, and where the money will go. To make University Place a reality, NJCU has entered into Public-Private Partnerships (P3) with several real-estate developers. Based on these partnerships, the buildings created will bring in revenue for the school– approximately $1.4 million annually.  However, it will take time for the school to receive the full amount. This University has given 50-year ground lease agreements to the real-estate developers. In some cases, developers received 30-year tax abatements from…
BlogGrid Real Estate News
January 17, 2020

Puccini’s, longtime hangout for Jersey City politicos, closing after 31 years

JERSEY CITY – Puccini's, a West Side Italian restaurant and catering hall that's been a Jersey City institution for 31 years, is closing its doors. The location of countless political fundraisers and luncheons featuring Hudson County bigwigs, Puccini's is shutting its doors to make way for a large-scale residential development, sources tell The Jersey Journal. Pasquale Iengo, an owner and head chef, wouldn't say who is buying Puccini's or what the new owner's plans are. Property records indicate the lot, located at West Side Avenue and Broadway, has not yet been sold. There's no official closing date set. The restaurant is closed for the next two weeks for "vacation," Iengo said. Former Mayor Jerramiah Healy, who held his 2004 and 2009 victory parties at Puccini's, called its planned closure "the end of an era." "It's going to be a loss to the city," Healy told The Jersey Journal. Puccini's was the center of some political…
BlogGrid Real Estate News
January 17, 2020

Grid Real Estate represents Marchetto, Higgins and Stieve in lease at landmark Journal Square office building

JERSEY CITY, NJ — One of New Jersey’s most recognizable names in architecture and design, Marchetto, Higgins and Stieve, have expanded their firm into Jersey City’s up and coming Journal Square. The firm will continue to occupy their Hoboken office. Dean Marchetto, the firm’s founder announced that the firm would be opening the Journal Square office to handle the large volume of work his firm presently has underway in Jersey City, many of which are in Journal Square. “Journal Square is the historic center of Jersey City and the exciting transformation of this vibrant and vital neighborhood has already begun. We are particularly invested in its redevelopment so why not place ourselves right in the middle of it” said Dean Marchetto. The 5,500 s/f office will be located at the top of the Trust Company Building with views of Journal Square, Hoboken, and New York City. Marchetto Higgins Stieve has…
BlogGrid Real Estate News
January 4, 2020

533 Mercer Street, Aka 289 Jordan, Approaches Halfway Point In Jersey City

Construction is nearing the halfway mark at 533 Mercer Street, aka 289 Jordan, in Jersey City. The superstructure has been steadily rising and will eventually top out as one of the tallest buildings to the west of the main downtown district. The 16-story structure is designed by Marchetto Higgins Stieve Architects and developed by Mercer Jordan LLC, an affiliate of New York-based company Sequoia Development Group, GRID Real Estate, and Dresdner Robin. The mixed-use project is expected to contain 300 apartments. Photos by YIMBY user the726 show the state of progress. Formation of the reinforced concrete floors has passed the podium section and is currently around the middle of the main building. Two egress cores near the center of the floor slab can be spotted being formed, while the levels directly below are still being held with temporary frames as the concrete settles. The metal stud frames for the interior walls on the first several…
BlogGrid Real Estate News
January 4, 2020

Menorah Lighting This Sunday, #LightOverDarkness Mural Honors Jersey City Shooting Victims

Join us at the SW corner of 575 Manila Avenue, this Sunday Dec 22nd at 5:30PM for a Hanukkah menorah lighting. If anybody wants to paint flames for the next next seven nights please drop me a line. We have paint.  Thank you to @averynice @moullyart @chabad_young_hjc for making this project come to be. #GVM019 #LightOverDarkness Green Villain, a creative platform that uses public art to drive community engagement throughout Jersey City, has partnered with Rabbi and artist Yitzchok Moully an NJ based artist, Rabbi Shmully Levitin of Chabad Young Professionals of Hoboken & Jersey City, and Avery Nice to produce an interactive public art project located at the South Western corner of Buy Rite Liquors at 575 Manilla Ave, Jersey City, NJ. #LightOverDarkness, a 2018 project established by Yitzchok Moully, invited local community members to write positive messages, mitzvahs and prayers onto a mobile Menorah mural traveling around New York…
BlogGrid Real Estate News
January 4, 2020

State’s largest movie, TV studio coming to Jersey City in 2020

Following the passing of the Garden State Film and Digital Media Jobs Act last year, the spotlight is now on Jersey City, as it plans to open the state’s largest movie and television studio complex next spring. “Jersey City has seen an influx of major productions utilizing all parts of our city to film large-scale projects, ultimately creating a heavy demand for the proper space studios and networks struggle to find,” Jersey City Mayor Steven M. Fulop said. “Not only will this bring even more production activity to the area, but this also will benefit Jersey City further as production companies stimulate the local economy, provide various employment opportunities and contribute to the redevelopment in the southern part of our city.” The 135,000-square-foot complex will utilize existing infrastructure at 21 Caven Point Ave. while providing 70,000 square feet of studio space and three sound stages. “We are excited to bring…
BlogGrid Real Estate News
January 4, 2020

Justified in Jersey City

Last year, as the potential L train shutdown loomed over Williamsburg, Joelle Chilazi started fielding more calls from worried Brooklyn residents. Then in November, when Amazon announced plans to move to Long Island City (before changing its mind), the Keller Williams agent heard from Queens residents fearing that they’d soon be priced out of their neighborhoods. On a near daily basis, Chilazi can be found with renters and buyers uprooting from neighborhoods across New York City who are considering a move to Jersey City. And often, they have one thing in common: They’re searching for bargains. “About 70 percent of my clients come from the city,” said Chilazi, who recently represented a couple relocating from Harlem who closed on a $1.3 million Jersey City brownstone. While the Jersey City development story is not a new one, sources said the city has hit a tipping point. And there’s a lot more product coming down…
BlogGrid Real Estate News
January 4, 2020

Massive project by Ironstate, Panepinto has anchored a revival in Jersey City neighborhood

The on-site entrance to the Grove Street PATH station is arguably the biggest selling point for the Columbus Collection, a mixed-use, $800 million development in downtown Jersey City. After all, residents and hotel guests can access the train without ever crossing the street. But that’s not to diminish the importance of Columbus Drive, the busy thoroughfare that runs along the southern edge of the property, or the vibrant retail and dining scene of Newark Avenue. “In some respects, we couldn’t have asked for a better site where we have great vehicular access, great mass transit access and the fabric of an incredible neighborhood — all at this nexus,” said Michael Barry, the president of Ironstate Development Co., which has developed the complex alongside Panepinto Properties. “So that’s worked out tremendously well for us.” The joint venture has leveraged those assets in a major way. Over the past 15 years, Ironstate…
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