NYC Investor Nabs First NJ Commercial Property for $31M
Lauren Elkies Schram May 8, 2014, 3:30 p.m.
A New York City investor has picked up a 200,000-square-foot Jersey City property for $31 million, Commercial Observer has learned.
The buyer of 35 Journal Square, Salman Capital LLC, was impressed with the activity in Jersey City, the building itself and its closeness to the PATH, said GFI Realty Services‘ Ohad Babo, who along with Yanni Simantov represented the seller, Sackman Enterprises. This is Salman’s first New Jersey commercial acquisition.
The Jersey City building has recently undergone extensive renovations including new windows, a new HVAC system, elevator upgrades and refurbishment.
GFI’s Roni Abudi represented Salman, which owns commercial properties in Brooklyn and the Bronx.
“The buyer immediately recognized the uniqueness of the asset,” Mr. Abudi said in a prepared statement. “It’s a historic building in a central location, where entities such as Kushner Companies and HAP have chosen to recently invest in development projects adjacent to 35 Journal Square.”
The vacancy rate in the building, originally built between 1898 and 1921, is 35 percent, Mr. Babo said. Tenants include PSE&G, Capital One, Blink Fitness and a Blimpie sub sandwich shop.