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April 8, 2020

Q&A with Mike Dorrian of Dorrian’s in Jersey City

It goes without saying that these last two weeks have been tumultuous for the country and the real estate industry. As the real estate industry braces for the market and financial forces in front of it, we wanted to reach out to some of our seasoned clients to get their thoughts on what’s ahead for restaurant, bars and placemaking retail moving forward along the waterfront. Mike Dorrian, is the proprietor of Dorrian’s, an iconic bar and restaurant on Washington Blvd in Newport along the Jersey City waterfront. Mike is a third-generation restaurateur. Dorrian’s Red Hand started in 1960 on the Upper West Side and has been a fixture in Manhattan for decades. In 2001, Dorrian’s expanded into Jersey City with the son of the founder, Mike Dorrian, opening up on Washington Street in Newport. ( https://dorrians-jc.com) Moreover, Mike recently expanded his Jersey City footprint with the purchase of LITM-bar and…
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…
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