This 3,840 sq ft mixed-use trade at 181 Monticello Avenue for the price of $480,000.00 is a prime example of the continued investor interest in the burgeoning Monticello Avenue neighborhood. Hitting a record high of $125 PSF it shows the that prices are hitting new levels and keep going higher due to the incredible demand and lack of inventory. My focus is on the region, having recently leased 687 Montgomery Street to Jersey City Bicycle Company as well as 203 Monticello Avenue to Bloomsbury Square an organic skincare boutique and café. If you have any interest in filling a vacancy or having a property evaluated, please contact me at 973 610 5145.
My recent listing has been absorbed by Midtown Lumber at the price of $12 PSF with a 5 year modified gross lease. The satisfaction of seeing a building brought back to life with a little paint and retail front makes the long journeys of commercial leasing worth it.
One of Manhattan’s oldest lumberyards is coming to Jersey City. The venerable Midtown Lumber will celebrate the grand opening of its new warehouse and retail store on Friday, June 16th, with a ribbon-cutting, catered BBQ, and an appearance by Mayor Steven Fulop.
Brothers Paul and Larry Kopf first opened Midtown Lumber in 1962 on West 25th Street in a historic building that previously housed a horse stable and later, the old West Side Lumber warehouse. For over 55 years, Midtown was a favorite of contractors and apartment owners, developing a reputation for accurate cutting and prompt delivery.
I recently sold this 5,000 sq ft warehouse in the downtown Jersey City area bringing in $975,000 or $195 PSF. It's located in the transitioning Bates Street Redevelopment Zone and will lead the way to residential development in the next cycle.
Just around the corner from the new El Cocotero, I leased a 600 sq ft corner commercial space for $33 PSF. The Jersey City Bicycle Company is now situated at 687 Montgomery Street at the corner of Orchard Street, near the Jersey City Armory.
NEWARK, NJ—A long track record of building successful boutique multifamily properties in Philadelphia and its distressed neighbor across the Delaware, Camden, NJ, helped developer Carl Dranoff win the bid to develop One Theater Square, Newark’s first ground-up luxury multifamily construction in more than half a century, Dranoff told GlobeSt.com last week.
“It’s a carefully calculated risk,” says Dranoff. “It’s just a bullseye location, you just can’t get a better location.”
Dranoff Properties, the New Jersey Performing Arts Center, and city officials broke ground last week on Newark’s first luxury living address, One Theater Square. The building is expected to top out next fall, with the first tenants moving into apartments in June 2018, Dranoff says.
The 22-story skyscraper, with a signature curved glass tower, will contain 245 apartments, 12,000 square feet of ground level retail, 285 parking spots and amenities that include: 24-hour concierge service, a state-of-the-art fitness center, club rooms, and an outdoor entertainment space outfitted with soft seating, TV’s and fire pits.
The City of Jersey City adopted a new Master Plan in May of 2000, after more than a year of preparation, which included intensive staff research and preparation with community groups and leaders. The results were presented to and discussed within all six of the city’s wards ultimately leading to a consensus on the city’s future. The new Master Plan led to a total revision of the city’s Zoning Ordinance into the Jersey City Land Development Ordinance, which was adopted in April of 2001.
Since adoption of the May 2000 Master Plan, there have been a number of reexamination reports adopted; followed by timely amendments to the Master Plan based on the recommendations of those reports. The first reexamination report was adopted by the Planning Board after five and a half years, in December 2005, and subsequent reports followed in 2006, 2007, 2011, and 2015 with the latest report to date issued in March of 2015.
Theaster Gates is an artist, urban planner, and professor and director at the University of Chicago’s Arts and Public Life who believes in a culturally driven approach to urban redevelopment. Gates’ Rebuild Foundation has transformed vacant houses and former housing projects into cultural and arts spaces on Chicago’s South Side. His latest and most ambitious project opened to the public on Saturday as part of the Chicago Architecture Biennial.
The Stony Island Arts Bank is a gorgeously renovated 17,000-square-foot former bank at 68th Street and Stony Island Avenue on Chicago’s South Side that has been transformed into a contemporary art gallery, media archive, library, and community center that will host exhibitions and artist and scholar residencies.
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On Thursday, city officials unveiled FXFOWLE’s design for a new, 26,000-square-foot museum to join the State of Liberty monument on Liberty Island. A rendering of the $70 million project, which will replace the small exhibition space currently at the base of the statue, shows a freestanding structure comprised of glass, granite and concrete rising up from the ground. The museum is slated to be completed in 2019.