Morgan Point Development
a unique Retail Opportunity
Opening Fall 2019
RETAIL SPACE
169 Morgan Street Jersey City, N.J. DISCLAIMER
This is a brochure containing confidential information presented by DiCristo Real Estate, LLC (Agent) on behalf of the owners of the real property (Owner) and is intended solely for your limited use and benefit in determining whether you desire to express any interest in the development project presented herein. By receipt of this Presentation, you agree that this Presentation and its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose this Presentation or any of its contents to any other person or entity without prior written consent of the Agent nor will you use the brochure or any of its contents in any fashion or manner detrimental to the interests of the Agent or Owner.
The information in this brochure (including market and demographic data) has been obtained from both published and non-published sources, including from the management of certain properties, but no representation or warranty, express or implied, is made by Agent or Owner, as to the accuracy or completeness of such information. By the receipt of this information, you agree that you do not rely on information herein for any business decisions. Certain information contained in this brochure constitutes “forward looking” statements which can be identified by the use of forward looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to the various risks and uncertainties, actual events or results or the actual performance of the market may differ materially from those reflected or contemplated in such forward looking statements. TABLE OF CONTENTS
Introduction 4
Project Overview 5
Ground Retail Opportunity 10
Downtown Jersey City Market 14
Transportation 17
Neighborhood Overview 20
World Trade Center Redevelopment 22
Demographic Data: Downtown Jersey City 24 morgan point retail leasing
Introduction
Presented herein is a unique retail leasing opportunity for up to 7,716 SF of ground floor space complementing a boutique style. The property is located in the heart of Downtown Jersey City—a vibrant live-work-play neighborhood on the Hudson River waterfront. Just a block away from the PATH, the retail space will benefit from tremendous foot traffic and high visibility. The area’s young, well educated and financially well-off demographic profile is positioned to spend disposable income on food, beverage and entertainment. With a projected 16% population increase over the next 5 years, there is a growing need for quality retail tenants in Downtown Jersey City.
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Project Overview
A member of the Hilton family, Canopy is an art inspired boutique hotel located in the heart of Jersey City. This trendy, yet comfortable space takes cues from the collaborative nature of local artists surrounding the hotel in the Powerhouse Arts District. Delivered with a community raw industrial flavor through materials and finishes, each of the 211 guest suites is furnished with modern, residential style furniture and artwork to give a sense of comfort to each guest. These raw finishes are offset with soft, modern, residential style furniture pieces and fabrics to add a layer of comfort for the just-right room. The artwork is inspired by the history of the nearby historic warehouses and the contemporary art mural scene, which brings neighborhood context to the guestrooms and public spaces. Guest amenities include a fitness center, meeting rooms, café, and a transfer lounge. The close proximity to Jersey City’s PATH station is a draw for guests wanting to commute into Manhattan and the surrounding areas. Completion of this project is set for 2020.
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Project Overview
Site Location: Jersey City Waterfront District, New Jersey Retail Space: 7,716 Square Feet Project Type: 211-Room “Upper” Select Service Hotel Building Size: 135,332 square feet Building Height: 10 stories, 120 feet Room Types: 66% King | 28% Double Queen | 6% Suites
Developer: Panepinto Properties and KABR Company Management: Boast Hotel Management Co.
6 6 Ground Floor Plan
Page 10 Prime Ground Floor Retail Space Steuben Street
Active 2nd Floor Lobby
Restaurant Space Storefront 4,370 SF 121’-8” Linear Frontage 20’ Ceiling Height 16’4” Glass Height Potential 1,000SF Mezzanine Sapia Fleuri Limestone Page 11 Prime Ground Floor Retail Space Morgan Street
North Space Storefront 2,346 SF 72’6” Linear Frontage 20’ Ceiling Height 16’4” Glass Height Sapia Fleuri Limestone Page 12 10 Downtown Jersey City Market Downtown Jersey City Neighborhood Overview
The site is located within the Powerhouse Arts District and within walking distance of the Grove Street Path, Hudson River Waterfront, Harborside and Exchange Place Office Centers, Paulus Hook Neighborhood, and Downtown’s primary entertainment strip. The neighborhood is comprised of high-rise luxury residential buildings, office buildings, hotels, trendy retail stores, and ample public space. morgan point retail leasing
NJ Monthly Top 30 Restaurants 2018
NJ.com 49 Top Restaurants 2018
Other Restaurants
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Other Retailers
Office Tenants
Komar Amazon Cigna Met Life Deloitte
Goldman Sachs Barclays Fresh Cosmetics Forbes
USB Citigroup PWC Dow Jones E*Trade
Tori Burch PR Newswire L’OREAL Nautica
Jet.com US Trust AIG JP Morgan Omnicom
13 13 14 Transportation morgan point retail leasing
Transportation
Access to New York’s 3 major airports—Newark liberty, JFK and LaGuardia— by car, bus or train. Ten miles and 20 minutes by car to Newark Liberty International Airport.
NY/NJ PATH subway station sits directly across the street from the site providing access to Manhattan. Seven minutes to World Trade Center and 18 minutes to Midtown Manhattan 33rd St.
Located 1 mile from the Holland Tunnel and 4 miles from the Lincoln Tunnel.
3 ferry stops provide service to Downtown & Midtown Manhattan
3 blocks from Hudson Bergen Light Rail
Located 1 mile from NJ Transit Commuter Rail
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Transportation
16 16 17 World Trade Center morgan point retail leasing
World Trade Center
7-minute ride from Grove Street PATH stop
Transportation hub connects directly to retail and office space
12 Million SF of new office space
9 Million Completed
3 Million Under Construction and Planned
365,000 SF of new retail space
18 18 19 Demographic Data morgan point retail leasing
Downtown Jersey City
33 75% $140,000 Median age of Adults holding Average household residents in Downtown undergraduate and income; comparable Jersey City graduate degrees to many Manhattan income levels
25,000▲ 16%▲ 30% ▲ The current population The projected Population increase density per square mile, population increase in Downtown Jersey which will grow to over the next 5 City between 2000 34,000. Comparable to years based on and 2010, outpacing densities seen only in 4,500 residential U.S. growth (10%) Manhattan and units in 22 buildings and New Jersey Brooklyn under construction growth (4%) over the same time period
17 Million 6 Million 59,045 SF of existing office SF of existing retail Downtown Jersey space. There is an space. There is an City daytime additional 2 Million additional 800,000 SF workforce SF in the pipeline in the pipeline
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Comparative Market Analysis Local Demographic Data for Select Neighborhoods Source: US Census Average Population Higher Median Housing Neighborhood Area Zip Code Population Household Density Education Age Units Income (per sq. mile)
1 Greenwich Village 10011 50,404 $270,633 77.6% 39.9 33,610 78,756
2 Hoboken 07030 53,136 $159,955 77.9% 31.6 27,093 39,489
3 Williamsburg 11211 99,964 $76,271 46.3% 30.4 40,353 39,380
4 Long Island City 11101 26,505 $83,891 42.6% 35.7 13,905 9,331
07302 5 Downtown Jersey City 55,143 $139,535 75.4% 33.2 29,642 25,505 07310-11
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21 21 Contact:
Joseph A. DiCristo
(201) 653 - 4000