Town Center @ Grove | 116 Newark Avenue
The first time on the market in over 45 years!
Located in the heart of Historic Downtown Jersey City at 116 Newark Avenue, “Town Center @ Grove” has the absolute 100% corner in the City of Jersey City. Town Center sits 50 feet from the Grove Street Path Station. This is an ideal business location with an abundance of commuting, shopping and entertainment options making Town Center a one of a kind investment property in Jersey City. The commute to Manhattan is the best available. The Grove Street Path Transportation center provides an 11 minute commute to World Trade Center and an 18 minute ride to Midtown Manhattan (33rd St. & 6th Ave). In addition, the building is a short walk from Harsimus Cove light rail stations and Colgate Center ferry terminal. The transportation options provide convenient connections to everything in the region, including the three major airports. Town Center is located in the Harsimus Cove neighborhoods and Restaurant Row, the successful retail and entertainment district for Jersey City and Hoboken. The building is a commercial mixed use building, containing 27,033 gross square feet, broken down as follows:
Lower level restaurant: 6,485 gross square feet
First floor (street) restaurant: 6,866 gross square feet
Second Floor office space: 6,262 gross square feet
Third Floor Office space: 6,262 gross square feet
Total Gross Square footage: 25,875 gross square feet
HISTORIC DOWNTOWN SID
The subject consists of a 25,875 gross +/- square feet retail and office, Class D building in the NC, Neighborhood Commercial within the Restaurant Overlay Zone of Downtown Jersey City at the corner of Newark Avenue, Grove Street, and Morgan Street at the Grove Street Path Station. The first-floor features three retail spaces, although there are no interior walls separating them. There is an 8,860-square foot space (of which 4,700-square feet is below grade) which includes The Bistro and the Wine & Whiskey Bar, as well as the Underground Comedy Club. There is also an 892-square foot Grove Square Pizza, and a 948-square foot Grove Corner Bar. The second and third floors feature medical office space leased to Women’s Health Center, RWJ Barnabas Health. The second-floor unit is a 5,428-square foot unit, and the third floor is a 5,615-square foot unit. The third-floor was leased in anticipation of an increase in patients that would require additional space. Given this has not yet occurred the interior is thus not built-out, and it was indicated that the tenant is responsible for fit-up.
The sale of “Town Center at Grove” offers an extraordinary opportunity to own a unique mixed-use commercial building at the best location in Jersey City! As Jersey City continues to evolve into a 24/7, live, work and play community, Town Center will continue to play a pivotal role in the evolution of Jersey City, providing quality, unique, work space for Jersey City’s business community and the best retail location in Hudson County.
The listing price is $26,500,000. The stabilized
un-trended return on cost is 4.83% on $1,280,336 NOI.
”“The purpose of this district is to recognize the existence and importance of neighborhood business districts and promote continued efforts to strengthen and revitalize them through public-private partnerships."
Block/Lot: Block 13001, Lot 1
Retail & Medical Office Building
0.157 acres / 7,475 square feet
Building Area: 25,875 gross +/- square feet
Utilities: Public Water, Public Sewer
NC, Neighborhood Commercial within the Restaurant Overlay Zone
Harsimus Cove is one of the three cornerstone historic districts in downtown Jersey City that has driven the city’s renaissance since the 1980’s. Harsimus Cove sits between the Hamilton Park and Van Vorst Park historic districts and includes lower Newark Avenue, the main street for the downtown community. Although primarily residential in nature, Harsimus Cove now includes the highly successful Restaurant Row and the busy Grove Street Path transportation hub.
In 2011, Jersey City responded to the local business community’s push to establish a major expansion of Restaurant Row. Today, a large swatch of lower Newark Avenue and the surrounding blocks are in Restaurant Row. Establishments have special entertainment and liquor licenses, allowing them to be zoned for concerts and other events. Restaurant Row has become a highly successful dining and entertainment district, serving not just Jersey City and Hoboken, but northern New Jersey as well.
NJ Transit Train
NJ Transit Lightrail
Grove Street Path Station