JERSEY CITY, NJ—New York-based real estate investment firm Margules Properties added to its growing Jersey City portfolio by acquiring 2800 John F. Kennedy Blvd., a retail building in the Journal Square neighborhood of Jersey City, for $1.5 million.
The triangle-shaped building, the firm's eighth purchase in Jersey City since 2010, is a block away from the PATH Station. It is surrounded by three major streets and offers large street frontage providing significant retail exposure.
The 9,500 square-foot, two-story building was owned by The Empire Education Group, which operates a group of 89 cosmetology schools in 21 states. Gardner Rivera, an independent real estate broker in New Jersey, represented both the buyer and seller in the transaction.
“We plan to lease it to another retail business,” says Eric Margules, president of Margules Properties, which now owns and manages more than 1.25 million square feet of development rights in the city's Journal Square neighborhood.
Last fall Margules purchased five mixed-use buildings in Jersey City that it is upgrading and making more appealing to new retail and millennials looking for convenient and reasonably priced rentals near the PATH line.
“We have a very positive view of the future of Jersey City,” says Margules. “We are looking forward to being part of the revitalization of a dynamic area.”
Two of the buildings purchased last year form a triangle bound by Montgomery Avenue, Orchard Street and Jordan Avenue, in the McGinley Square section of Jersey City. They include a gut-renovated, five-story walk-up building at 52 Orchard Street, with 12 apartments and three stores and 685 Montgomery Avenue, a three-story mixed-use building with three stores and five apartments.
The other buildings include: 70 Tonnele Avenue, a 17-unit apartment building; 142 Monticello Ave., a corner three-story townhouse building with 2,500 square feet of retail space on the first floor and two, two-bedroom units on the two upper floors and 2175 John F. Kennedy Boulevard, a one-story vacant commercial building, now occupied by a large flower distributor.
Earlier in 2015, Margules Properties purchased the Sip Building, 48-58 Sip Ave. in Jersey City, for $2.5 million, or $500 per square foot. The 5,000-square-foot, single-story, freestanding storefront property sits on a quarter-acre in the Hudson waterfront submarket of Northern New Jersey near several new residential and commercial developments in Jersey City. It features four retail stores and has significant air rights above the triangle-shaped building. Margules also owns the adjacent 60-64 Sip Ave., a 64-unit multifamily building with eight retail stores on the ground floor, which it purchased in October 2012 for $9.18 million. Combined, the two buildings offer 280 feet of frontage on one of Journal Square's busiest thoroughfares.
“We are looking to buy more properties to further build our presence in Jersey City,” says Margules, who expects to also continue increasing the firm's holdings in Manhattan, Queens and Brooklyn, where it owns more than 70 buildings.
Margules bought his first building in Jersey City in 2010 with Margules Properties director of acquisitions Perry Lee. He says they were drawn to the city because of its good transportation and proximity to Manhattan.
“Jersey City is a great place for people to go, and it's proven correct, of course,” says Lee. The firm owns some land in Jersey City ready for development, but most of the firm's holdings are existing buildings being renovated and renting “quickly.”
Many of the properties owned by Margules Properties have current income and also contain significant development rights.
“We don't have any immediate plans to change anything, we'll just let them brew, let the market continue to rise, and operate the buildings as they are,” he says. “I think that there is lots of room for growth in Jersey City, and we are not in a rush to change anything.”
JERSEY CITY, NJ—New York-based real estate investment firm Margules Properties added to its growing Jersey City portfolio by acquiring 2800 John F. Kennedy Blvd., a retail building in the Journal Square neighborhood of Jersey City, for $1.5 million.
The triangle-shaped building, the firm's eighth purchase in Jersey City since 2010, is a block away from the PATH Station. It is surrounded by three major streets and offers large street frontage providing significant retail exposure.
The 9,500 square-foot, two-story building was owned by The Empire Education Group, which operates a group of 89 cosmetology schools in 21 states. Gardner Rivera, an independent real estate broker in New Jersey, represented both the buyer and seller in the transaction.
“We plan to lease it to another retail business,” says Eric Margules, president of Margules Properties, which now owns and manages more than 1.25 million square feet of development rights in the city's Journal Square neighborhood.
Last fall Margules purchased five mixed-use buildings in Jersey City that it is upgrading and making more appealing to new retail and millennials looking for convenient and reasonably priced rentals near the PATH line.
“We have a very positive view of the future of Jersey City,” says Margules. “We are looking forward to being part of the revitalization of a dynamic area.”
Two of the buildings purchased last year form a triangle bound by Montgomery Avenue, Orchard Street and Jordan Avenue, in the McGinley Square section of Jersey City. They include a gut-renovated, five-story walk-up building at 52 Orchard Street, with 12 apartments and three stores and 685 Montgomery Avenue, a three-story mixed-use building with three stores and five apartments.
The other buildings include: 70 Tonnele Avenue, a 17-unit apartment building; 142 Monticello Ave., a corner three-story townhouse building with 2,500 square feet of retail space on the first floor and two, two-bedroom units on the two upper floors and 2175 John F. Kennedy Boulevard, a one-story vacant commercial building, now occupied by a large flower distributor.
Earlier in 2015, Margules Properties purchased the Sip Building, 48-58 Sip Ave. in Jersey City, for $2.5 million, or $500 per square foot. The 5,000-square-foot, single-story, freestanding storefront property sits on a quarter-acre in the Hudson waterfront submarket of Northern New Jersey near several new residential and commercial developments in Jersey City. It features four retail stores and has significant air rights above the triangle-shaped building. Margules also owns the adjacent 60-64 Sip Ave., a 64-unit multifamily building with eight retail stores on the ground floor, which it purchased in October 2012 for $9.18 million. Combined, the two buildings offer 280 feet of frontage on one of Journal Square's busiest thoroughfares.
“We are looking to buy more properties to further build our presence in Jersey City,” says Margules, who expects to also continue increasing the firm's holdings in Manhattan, Queens and Brooklyn, where it owns more than 70 buildings.
Margules bought his first building in Jersey City in 2010 with Margules Properties director of acquisitions Perry Lee. He says they were drawn to the city because of its good transportation and proximity to Manhattan.
“Jersey City is a great place for people to go, and it's proven correct, of course,” says Lee. The firm owns some land in Jersey City ready for development, but most of the firm's holdings are existing buildings being renovated and renting “quickly.”
Many of the properties owned by Margules Properties have current income and also contain significant development rights.
“We don't have any immediate plans to change anything, we'll just let them brew, let the market continue to rise, and operate the buildings as they are,” he says. “I think that there is lots of room for growth in Jersey City, and we are not in a rush to change anything.”
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