Iron Monkey Properties 97, 99 and 99.5 Greene Street, Jersey City, NJ
1 LIMITING CONDITIONS This Offering Memorandum prepared in April 2019 by GRID Real Estate, LLC (“GRID” or “Advisor”) and is solely for the use of prospective buyers, (each a “Buyer”) of the real property commonly known as 97, 99, and 99.5 Greene Street, in Jersey City, NJ, (the “Property” or “Iron Monkey Properties”). Neither Advisor nor the owner of the Property (“Owner”) makes any representation or warranty, express or implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum. Prospective Buyers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Offering Memorandum or any financial statement therein was prepared. Prospective Buyers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property. The Offering Memorandum is a solicitation of interest only and is not an offer to purchase the Property. Owner expressly reserves the right, at its sole and absolute discretion, to reject any or all expressions of interest or offers to purchase the Property and expressly reserves the right, at its sole and absolute discretion, to terminate discussions with any potential Buyers at any time with or without notice. Owner shall have no legal commitment or obligation to any party reviewing the Offering Memorandum or making an offer to buy the Property unless and until a written real estate purchase and sale agreement is executed by Owner and Buyer. This Offering Memorandum is confidential. As a condition to receiving this Offering Memorandum, Buyer has executed the “Iron Monkey Properties” Confidentiality Agreement.
2 For additional information CONFIDENTIAL INVESTMENT OFFERING on this submission contact: THIS CONFIDENTIAL INVESTMENT OFFERING (the “Investment Offering”) is being furnished to the recipient (the “Recipient”) solely for the Recipient’s own limited use in considering whether to provide all or a portion of an investment (the Bob Antonicello, “Investment”). President Broker of Record Agent GRID Real Estate, LLC (“GRID”), has prepared this confidential Investment Offering, which contains brief, selected information pertaining to the business and affairs [email protected] of the Property. This confidential information does not purport to be all-inclusive (201) 739-8441 nor does it purport to contain all the information, which a prospective lender may desire. Neither the Owner, nor GRID nor any of their respective partners, officers, Bobby Antonicello, employees, or agents makes any representation or warranty, expressed or implied, Broker/Sales as to the accuracy or completeness of this Investment Offering or any of its contents and no legal liability is assumed or shall be implied with respect thereto. [email protected] (551) 795-2836 The Recipient agrees that (a) the Investment Offering and its contents are Confidential Information, except for such information contained in the Investment Offering, which is a matter of public record, (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of GRID and our client, and (c) the Recipient and the need to know parties will not use or permit to be used this Investment Offering or its contents in any fashion or manner detrimental to the interest of the Owner or GRID or for any purpose other than use in considering whether to provide all or a portion of the investment. The Recipient and the need to know parties agree to keep this Investment Offering and all Confidential Information contained herein permanently confidential and further agree to use this Investment Offering Submission for the purpose set forth above.
PHOTOCOPYING OR OTHER DUPLICATION IS STRICTLY PROHIBITED.
OUR CLIENT EXPRESSLY RESERVES THE RIGHT, AT ITS SOLE DISCRETION, TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPOSED INVESTMENT AND TO TERMINATE
DISCUSSIONS WITH ANY PARTY, AT ANY TIME, WITH OR WITHOUT NOTICE.
THE CONFIDENTIAL INVESTMENT OFFERING SHALL NOT BE DEEMED TO BE A REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS INVESTMENT OFFERING.
3 TABLE OF CONTENTS
1. EXECUTIVE SUMMARY 05 • Overview 06 • Surveys 07 2. Meet the Neighborhood 13 • Historic Paulus Hook and Exchange Place 14 • Jersey City, A living Tapestry of Nations 18 3. Strong Economic Growth Corridor 19 • Major Private Sector Employers 20 4. Higher Education 21 5. Transportation 23 6. Retail and Entertainment 27 7. Jersey City Highlights and Overview 29 8. Investment Highlight 30
4 THE PROPERTIES ARE 97 GREENE STREET, 99 GREENE STREET AND 99.5 GREENE STREET, JERSEY CITY
The properties are located on tax block: 14302, lots 6, 7, 8.
The properties are located in the Paulus Hook Historic District and zoned Historic.
EXECUTIVE SUMMARY
GRID Real Estate, LLC (“GRID”), has been exclusively engaged by Brian J McIntyre (the “Owner”), to sell the “Iron Monkey Properties”, located at 97, 99, and 99.5 Greene Street, Jersey City (the “Property”), a landmark building in an extraordinary, transit-oriented location along the Hudson River Waterfront in Jersey City – one of the strongest office and apartment markets in the country. Located in historic downtown Jersey City, the Iron Monkey properties, have an ideal location, in the center of the Jersey City’s FIDI, historic Paulus Hook and across the street from award winning Colgate Center. The properties are a strategic cornerstone of the emerging Greene Street retail and entertainment corridor, which will be anchored by 99 Hudson Street’s retail base. The retail potential for the properties is extraordinary and the opportunity to add real value to these strategic properties is one of the best in this real estate cycle! The commute to Manhattan is among the best available in the region, with close proximity to major public transportation options. The Exchange Place PATH stop is located one block from the property and provides a 7 minute commute to the Oculus-World Trade Center Transportation Hub. The Grove Street PATH station, located a few blocks from the properties offers an 18-minute ride to Midtown Manhattan (33rd St. & 6th Ave). In addition, the building is a short walk to the Exchange Place light rail stations, Montgomery Street bus stops, and the busy Colgate Center ferry terminal. The transportation options provide convenient connections to everything in the region, including the three major airports. The ”Iron Monkey properties” are located in the Paulus Hook Historic District and directly across Greene Street from Colgate Center, one of the most successful mixed use developments in the region. The properties comprise three separate buildings, 97, 99, and 99.5 Greene Street. These buildings include the iconic Iron Monkey Tavern and restaurant, located at 97 Greene Street, on 3 floors, not including a roof top bar. The adjacent connecting property is 99 Greene Street and includes a vacant retail space at the ground floor level, and two floors of office space, that are used by the Iron Monkey Tavern. And finally, 99.5 Greene Street, comprised of a vacant retail space and two (2) floors of office space. (This property includes a shared entrance way and easement with 101 Greene Street.) The building contains a total of 8,600+/- gross square feet. The properties are located on tax block 14302, lots 6, 7, 8. The sale of the “Iron Monkey Properties” offers an extraordinary “value add” opportunity in one of the Gold Coast strongest “live, work, play” neighborhoods. As Jersey City continues to evolve into a 24/7, live, work and play community, the Iron Monkey properties will play a key role in that process.
5 SURVEYS
ZONING
The “Iron Monkey properties” are located in the Paulus Hook Historic District, one of Jersey City’s three (3) historic districts.
As per the City of Jersey City’s Website:
“Any development, construction, alteration, rehabilitation or repair of any sign, building or property within the four designated Historic Districts of the City or a landmark building, requires the owner of the property to first secure a Certificate of No Effect (CoNE) or a Certificate of Appropriateness (CoA) from the Jersey City Historic Preservation Commission (HPC), before work commences whether or not a construction permit is required. Most work is reviewed by the staff of the Historic Preservation Commission and may be approved under a Certificate of No Effect with any necessary conditions. Generally, work that is approved by staff under a Certificate of No Effect consists of rehabilitation, restoration, maintenance and repairs. Applications for interior work which requires a permit from the office of the Zoning Officer or the Construction Code Official but has been determined to have no adverse effect on a landmark building is also issued a Certificate of No Effect.”
It is strongly recommended that potential buyers meet with the City of Jersey City preservation staff to determine the zoning, renovation standards and other development concerns for the properties. Neither GRID Real Estate or the seller make any recommendations as to current, future, or “as of right” zoning. Buyers must perform their own due diligence on this matter.
6 SURVEYS
7 SURVEYS
8 OVERVIEW
9 OVERVIEW
DISCLAIMER: All data and information contained on this map is intended for general reference only and is subject to change and may contain inaccuracies. This map does not depict city policy on development issues nor does this map CITY OF JERSEY CITY represent proposed zoning changes or project feasibility. The projects in yellow and marked as proposed are speculative and represent a best guess as to projects that might make applications within the next few years. DOWNTOWN DEVELOPMENT MAP JANUARY 30, 2019
190 301 Proposed Light Rail Station
67
O KEN H O B T ION S T A 134 143 193 192 132 143 143
93 143 170 144 131 180 156 180 170 180 180 169 191
194 163
167
143 5 128 122 4
194.1 1 60
195 61 113 109 95 195.1
HOLLAND TUNNEL
59 58 66 65 63 62 175 64 N E W P ORT
55 99.3 118 118 57 56 99.2 99.1 54
117 157 N E W P ORT NEWPORT 53 TOWER M A LL HAMILTON ENOS JONES PARK PARK 157 162 52 51
199
197 168 8 168 168 9
0 49 1 50
146 0 120 189 1
98
209 111 MARY 208 173 121
2 BENSON 2 173
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2 PARK 0 88 1 M E T RO 121 A V A LON FUTURE MARINA 1 1 9 7 187 110 7 3 7 0 2 174 173 171 C O VE
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1 P L A ZA 7 47 3 179 173 173 115 205 152 201 135
181 79 5 6 123 69 1 178 104 80 81 46 45 44
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2 150 1 105 42 97 41 76 124 125 43 1 151
83 149 114 1 41.2 41.1 41 161 39 140 38 37 40 1 E 54 D 102 6 I S 6 186 1 207 1 R 5 166 7.2 72 70 O 2 35 36 198 4 9 7.3 7.1 1 2 1 204 8 B EVERTRUST R
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VAN VORST 3 CITY HALL PARK
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7 147 119 6 31 127 10 141 101 HUDSON 90 153 148 82 PUBLIC SCHOOL #3&4 28 29 R 2 30 E
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83 85 73 R 176 158 86 26 27 75 77 159 MEDICAL CENTER
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106 155 2 139 74 92.1 84 1 24 23
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92.2 92.2 108 19 LIBERTY HARBOR NORTH 112 22 N 103 11 21 106 106 106 138 O
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1 20 136 107 . CLERMONT D
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H 14 89 106 E ID 106 106 S T 106 106 106 R 106 O 88 15 P 106 M ill Cre ek
T I D E W A T E R BASIN 91 ´ LIGHT RAIL PARK & RIDE L I B E R T Y S T ATE PARK DEVELOPMENT PROJECTS Y# PATH 1 PROPOSED DEVELOPMENT HISTORIC DISTRICT # LIGHT RAIL 2 APPROVED DEVELOPMENT RESTAURANT ROW 1 inch = 700 feet 11X17 Page " NJ TRANSIT UNDER CONSTRUCTION EXISTING PARKS 3 LIBERTY 0 350 700 1,400 FERRIES TO NYC Feet 4 COMPLETED DEVESLCOIPEMNECNET CENTER 0 0.5 1 RECREATION / PARK Miles
10 OVERVIEW
SITE PROJECT NAME (STORIES) UNITS OFFICE RETAIL PARKING SITE PROJECT NAME (STORIES) UNITS OFFICE RETAIL PARKING SITE PROJECT NAME (STORIES) UNITS OFFICE RETAIL PARKING
DEVELOPMENT PROPOSALS SUMMARY: 7,642 1,755,300 154,165 6,287 24 55 HUDSON (95) 903,000 17,500 684 147 BRIGHT AND VARICK 87 0 0 0
35 EVERTRUST II 0 555,000 90,000 168 6TH STREET PIER 818 297,300 10,000 910
104 HARBORSIDE PLAZA 8 169 NEWPORT PARCEL 4 692 0 30,000 400
105 HARBORSIDE PLAZA 9 170 NEWPORT PARCEL 5 592 0 0 240
110 455 WASHINGTON BLVD. 119 0 6,665 203 173 HARSIMUS COVE STATION WEST 4,617 3,700
124 111 FIRST STREET 500 185 PROPOSED DEVELOPMENT
125 POWERHOUSE BUILDING 196 78 MONTGOMERY 40
134 CITY CHEMICAL SITE 140 0 0 150 209 338 NEWARK AVE. 37 0 0 0
APPROVED DEVELOPMENT PROJECTS SUMMARY: 11,803 1,838,386 562,797 8,019 9 270 MARIN BLVD 420 0 40,452 137 MORRIS BLVD, LHN 60.18 359 0 11,865 136 195 580 MARIN BLVD. 367 25,000 95,000 200
23 50 HUDSON ST. 0 731,086 20,000 1,473 138 MORRIS BLVD, LHN 60.17 255 0 18,250 135 195 580 MARIN BLVD. 383 25,000 95,000 200
33 HARBORSIDE PLAZA 4 0 1,057,300 9,700 618 143 JERSEY AVE PARK 2,327 197 202 MERSELES (5) 16 0 0 16
38 200 GREENE ST II / PLAZA 6 501 0 144 700 WASHINGTON BLVD (40) 790 0 15,000 876 198 400 NEWARK AVE. (7) 25 0 0 15
41 PROVOST SQUARE 268 0 13,172 380 145 2 SHORE LANE (8) 71 0 15,603 65 200 375 FIFTH St (5) 12 0 0 0
70 143 CC DR / 72 WAYNE ST 58 0 5,909 45 159 REGENT STREEET MIDRISE 131 0 0 29 203 333 NEWARK AVE (4) 18 0 3,028 0
84 LIBERTY HARBOR NORTH 162 0 0 160 160 155 MARIN BLVD - MARRIOT HOTEL 276 0 15,000 0 205 285 NEWARK AVE (6) 22 0 0
85 LIBERTY HARBOR NORTH 16 0 0 16 165 144 FIRST STREET (11) 84 0 0 206 286 NEWARK AVE (6) 18 0 4
87 THE PARK AVENUE 395 0 44,764 144 177 318-328 NEWARK AVENUE (7) 50 4,895 3 208 386 5tTH STREET (5) 18 0 0 0
88 33-39 AETNA ST 189 0 17,620 285 179 351 THIRD ST (4) 12 0 796 0 300 233 NEWARK AVE. 16 0 1,702 4
89 36-50 AETNA ST 107 0 3,940 195 180 296-298 COLES ST (11 & 18) 928 0 23,950 309 301 2 HOBOKEN AVENUE (13) 161 0 3,793 147
91 THE VIEW / MILL CREEK LN 575 0 9,736 988 183 331 MARIN BOULEVARD 448 0 6,470 116
107 155 MARIN BLVD (PHASE 2) 452 0 9,037 0 184 25 CHRISTOPHER COLUMBUS DRIVE 750 0 18,485 416
118 ST FRANCIS REDEVELOPMENT 191 700 WASHINGTON BLVD. 338 0 16,490 0
126 364 MARIN BLVD 28 0 192 659 GROVE ST. 139 0 12,527 116
132 110 HOBOKEN AVE / VAN LEER 240 0 0 131 193 854 JERSEY AVENUE 119 0 14,013 90
136 MORRIS BLVD, LHN 60.19 259 0 16,600 707 194 EMERSON DISTRICT
PROJECTS UNDER CONSTRUCTION SUMMARY: 3,694 0 137,028 2,291 29 99 HUDSON ST. (79) 781 0 15666 609 127 100 COLDEN STREET 128 0 28,650 168 189 366 SIXTH STREET 20 0 0 20
60 75 PARK LANE SOUTH 359 0 7,248 0 131 137-139 HOBOKEN AVE / VAN LEER 260 0 3,122 370 190 39 NEW YORK AVENUE (5) 154 0 68
66 310 TENTH ST 163 0 0 132 154 143 NEWARK AVE 17 0 8,341 0 199 387-389 8TH ST & 34-40 DIVISION ST (8) 75 0 3,351 82
82 452-460 GRAND ST 41 0 2,324 41 158 GRAND AND GROVE 549 0 6,380 347 201 124-128 BRUNSWICK ST (5) 19 0 312 13
99 364 NINTH ST. PHASE 3 (8) 79 0 24,000 245 166 321-331 WARREN ST (18) 180 0 16,400 18 202 332 NEWARK AVE (7) 45 0 530 12
102 MORGAN POINT HOTEL 184 0 3,300 0 167 182-184 14TH STREET - HOTEL 87 0 0 30 207 141 NEWARK AVE (7) 10
106 LIBERTY HARBOR NORTH 172 239-249 NEWARK AVE. 54 0 4,144 13
120 380 NEWARK AVENUE (7) 45 0 4,318 20 187 364.5 FOURTH STREET 16 0 480
121 430 MARIN BLVD (35) PHASE 2 432 0 8,394 182 188 160 BRUNSWICK STREET 16 0 0 9
RECENTLY COMPLETED DEVELOPMENT PROJECTS SUMMARY: 22,705 10,898,864 4,763,775 26,845 1 9 COLES ST (2) 11 0 0 51 499 WASHINGTON BLVD (14) 0 547,795 12,000 750 109 HOME DEPOT / 180 12TH ST (3) 0 0 105,121 420
2 BRIGHT/GRAND TOWNHOUSES (4) 10 0 0 10 52 MACY'S (3) 0 0 237,000 0 111 MONACO I & II / 465-475 WASHINGTON BLVD (50 524 0 6,105 378
3 MAJESTIC THEATRE (6) 48 9,910 5,133 31 53 100 TOWN SQ PL / NOC VII (14) 0 71,273 0 877 112 198 VAN VORST STREET (7) 131 0 4,426 181
4 NEW TOWN HOUSES (4) 8 0 0 4 54 25 RIVER DRIVE (29) 336 44,575 17,504 240 113 THE AQUABLU / 110 RIVER DR (31) 367 0 13,348 0
5 GROVE POINTE (29) 525 0 16,480 597 55 20 RIVER CT (36) 409 0 4,239 269 114 213-215 BAY STREET CONDOS 38 0 0 40
6 143-151 MORGAN ST (11) 40 0 0 40 56 MARRIOTT COURTYARD (10) 189 0 0 79 115 2 SECOND STREET (42) 269 0 6,000 275
7 70 COLUMBUS PHASE II 545 0 12267 316 57 545 WASH. BLVD / NOC IV (21) 0 858,135 11,318 653 116 154-158 STEUBEN STREET / IVY HOUSE (7) 18 0 0 7
7 90 COLUMBUS / HOTEL 250 0 0 0 58 575 WASH. BLVD / NOC V (21) 0 704,510 15,584 723 117 25 MCWILLIAMS PL / HAMILTON SQ (11) 127 0 55,000 35
7 90 COLUMBUS 634 0 0 0 59 570 WASH. BLVD / NOC VI (12) 0 293,430 16,637 207 118 210 9TH STREET / SILVERMAN (5) 25 3,025 0 0
8 303 WARREN ST/ PHASE I (36) 306 0 27,300 804 61 MODELLS/STAPLES (1) 0 0 40,946 183 119 272 GROVE STREET 99 15,000 15,000 48
10 255 WARREN ST (22) 220 0 18,438 328 62 180 TENTH ST / ROOSEVELT (7) 128 0 4,507 9 121 430 MARIN BLVD (35) 853 0 26,593 1,590
11/16 LEGACY AT LIBERTY PARK (4) 324 0 0 359 63 204 TENTH ST / LINCOLN (6) 153 0 0 134 122 ELLIPSE 1-25 14TH STREET (41) 376 0 0 271
12 FULTON'S LANDING (7) 105 0 0 72 64 234 TENTH ST - SCHOEDER LOFTS (5) 58 0 3,400 65 123 110 FIRST STREET 345 0 12,000 345
13 K. HOVNANIAN AT P. HOOK (4) 71 0 1,250 80 65 270 TENTH ST 163 0 0 132 128 145 14TH STREET - LAGUNA (17) 144 0 7,772 95
14 HUDSON POINT (6) 181 0 0 196 67 700 GROVE (12) 230 0 0 231 129 109-113 COLUMBUS DRIVE (5) 24 0 9,483 0
15 PIER HOUSE I (4) 180 0 5,700 233 68 95-97 MONTGOMERY ST (6) 18 0 4,508 0 133 292 NEWARK AVE (5) 48 0 7,505 30
17 174 WASHINGTON ST (4) 65 0 1,080 67 69 ATHENA / "A" / 94 FIRST ST (33) 250 0 9,850 211 135 FIRST AND CENTER STREET (4) 54 0 0 56
18 72-78 MORRIS STREET (3) 19 0 0 10 71 99-101 MONTGOMERY ST (7) 16 0 900 8 139 193 MARIN BLVD PHASE 2 90 0 5,000 0
19 60 ESSEX ST (7) 70 0 0 69 72 311 WASHINGTON (14) 68 0 0 46 140 65 BAY STREET / TRUMP 2 447 0 10,600 0
20 LIBERTY TERRACE (9) 120 0 0 120 73 61 GRAND / GRAND VIEW (4) 40 0 0 38 141 253 WASHINGTON ST (8) 20 0 3,500 0
21 LIBERTY VIEW TOWER (37) 648 0 24,000 777 74 193 MARIN BLVD /GULLS COVE (16) 341 0 35,000 430 142 307 BARROW ST / 78 WAYNE ST (4) 12 0 0 12
22 30 HUDSON (42) 0 1,168,281 10,000 see #23 75 LIBERTY H.N. - BLOCK 60.02 (9) 177 0 10,000 313 146 17-19 DIVISION ST 18 0 1,242 0
25 61-63 SUSSEX & 60 MORRIS (6) 13 0 0 13 76 150 BAY STREET (9) 232 0 35,000 0 148 28 BRIGHT STREET (4) 31 1,332 0 14
26 77 HUDSON (48) 901 0 20,178 912 77 LIBERTY HARBOR NORTH - BLOCK 60. 174 0 0 220 149 JERSEY AVENUE 70 0 14,000 35
27 70 HUDSON - HARTZ (12) 0 357,866 0 273 78 LIBERTY HARBOR NORTH - BLOCK 60. 101 0 0 0 150 223-231 FIRST STREET (4) 25 0 0 14
28 90 HUDSON - HARTZ (12) 0 371,728 0 285 79 159 SECOND STREET WALDO LOFTS ( 82 0 6,753 40 151 8 ERIE STREET (3) 16 0 17,500 0
30 95 GREENE STREET - SJP (5) 0 261,184 8,146 128 80 162 FIRST ST (14) 297 0 9873 63 152 425 WASHINGTON 311 0 2,214 86
31 MONTGOMERY GREENE (19) 113 0 3,775 123 81 148 FIRST STREET (13) 108 0 2,000 0 153 1 EXCHANGE PLACE HOTEL 250 0 16,253 0
32 HYATT HOTEL (10) 350 0 19,000 0 83 LIBERTY HARBOR NORTH - BLOCK 60. 40 0 0 10 155 325 GRAND STREET (13) 194 0 5,108 0
34 HARBORSIDE PLAZA 4A (11) 0 170,000 25,000 1,100 86 S&K / APPLIED HOUSING (16) 347 0 6,738 253 156 CAST IRON LOFTS II / 827 JERSEY AVE (26) 232 0 26,600 311
36 HARBORSIDE PLAZA 5 (34) 0 817,500 8,500 1,258 90 120 YORK ST (11) 139 0 6,000 104 157 UNICO TOWER II / KRE 400 0 20,000 200
37 HARBORSIDE NORTH PIER (8) 296 0 0 280 92 193-213 VAN VORST ST PHASE 1 (15) 255 0 7,237 252 161 350 WARREN AKA 335-341 WASHINGTON ST. 377 0 0 0
39 32--342 WASHINGTON ST (55) 452 0 21,069 468 92 193-213 VAN VORST ST PHASE 2 (15) 153 0 7,305 0 162 HAMILTON SQUARE PHASE II 99 0 7,000 66
40 321-333 WASHINGTON (4) 0 40,000 0 0 93 833 JERSEY AVENUE (20) 155 0 11,070 155 163 795-803 JERSEY AVE 377 0 20,700 429
41 PROVOST SQUARE 417 0 16,430 371 95 SHORE CONDO / 20 NEWPORT PKWY ( 442 0 45,602 1,045 171 60 ERIE ST / SCHOOL #2 (3) 18 0 0 12
41 PROVOST SQUARE (28) 242 0 15387 209 96 MEDICAL OFFICES AND PARKING (5) 0 75,000 0 264 174 227 4TH STREET - SCHOOL #2 (5) 12 0 0 0
42 140 BAY STREET (7) 59 0 24,000 0 97 209-217 NEWARK AVE (5) 76 0 3,900 50 175 242 10TH ST - HAMILTON LOFTS (5) 32 0 7,560 0
43 200 GREENE ST I / PLAZA 7 (69) 766 0 11998 421 98 361-377 NEWARK AVE 55 0 2950 56 176 333 GRAND ST (12) 233 0 26,000 134
44 HARBORSIDE PLAZA 10 (19) 518,578 13,482 367 99 364 NINTH ST. PHASE 1 (8) 75 0 27,643 116 178 133 SECOND ST (7) 0 980 6,201
45 CANDLEWOOD HOTEL (8) 215 0 0 133 99 364 NINTH ST. PHASE 2 (8) 75 0 27643 116 181 175 SECOND ST 138 0 0 39
46 65 2ND ST / PORTOFINO (26) 283 0 4,800 299 100 244-250 SIXTH ST (3) 12 0 0 0 186 PROPOSED FERRY DOCK
47 425 WASH. BLVD/MARBELLA (40) 412 0 5,600 318 101 64-66 MORRIS STREET (5) 14 0 2,000 0 196 25-27 DIVISION STREET (5) 10 0 0 0
48 455 WASH. BLVD/ DOUBLETREE (13) 200 0 0 187 103 18 PARK (11) 422 0 14,300 258 197 251 NEWARK AVENUE 13 0 1,200 8
49 480 WASHINGTON BLVD (27) 0 933,288 21,195 876 107 155 MARIN BLVD (PHASE 1) 448 0 5290 722
50 479 WASH. BLVD - WESTIN HOTEL (24 429 0 7,000 215 108 187 WARREN STREET / LIBERTY POIN 32 0 4,236 43
PRE 1997 COMPLETED PROJECTS SUMMARY: 4,863 6,474,735 1,376,026 9,572 MADISON 525 WASHINGTON BLVD / NOC II (37) 0 820,842 32,070 850 30 MONTGOMERY ST (15) 0 300,000 94 900 5,500 448 JEFFERSON 111 TOWN SQ PL / NOC I (15) 0 407,126 20,457 455 DIXON MILLS (4 & 5) 500 0 0
WASHINGTON (21) other unassigned newport parking 103 HARBORSIDE (8) 0 1,818,000 86,000 608 26,300 323 ADAMS (21) METROPLAZA (1) 0 0 255,000 AVALON COVE (6) 504 0 0
MONROE (34) 443 456 95 COLUMBUS DR (11) 0 569,136 523 1 EVERTRUST PLAZA (17) 0 320,000 0 350
EAST HAMPTION (32) 441 8,483 269 PORTSIDE (19 & 25) 527 0 2 MONTGOMERY ST (5) 0 165,000 0
NEWPORT MALL (3) 0 918,000 4,051 CLERMONT COVE (8) 150 0 15 EXCHANGE PLACE (11) 0 142,497 5,920 12
RIVERSIDE (32) 346 4,135 101 HUDSON (38) 0 1,167,258 1,023 75 MONTGOMERY ST (6) 0 40,000 7,000 0 615 ATLANTIC (35) 444 10 EXCHANGE PLACE (30) 0 696,876 7,161 66 YORK STREET (4) 0 28,000 0 0 TOTAL: 50,707 20,967,285 6,993,791 53,014
11 C IT Y O F N O R T H B E R G E N
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BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS BROKERS ADVISORS MEET THE NEIGHBORHOOD Paulus Hook, Exchange Place Financial District & Colgate Center
13 MEET THE NEIGHBORS
Paulus Hook is one of the three cornerstone historic districts in downtown Jersey City that has driven the city’s renaissance. Paulus Hook is a waterfront neighborhood, with waterfront views of both the Hudson River, the Tidewater basin and lower harbor. The neighborhood also borders the Exchange Place Financial District and includes lower Montgomery Street and Washington Blvd, two of the main streets for the downtown community. Although primarily residential in nature, Paulus Hook now includes the highly successful restaurant scene and the best transportation options of any of the Downtown communities.
14 MEET THE NEIGHBORS
YOU ARE KNOWN BY THE COMPANY YOU KEEP, SO MEET THE NEIGHBORS!
Goldman Sachs Building, a 1,500,000 square foot, Class A, headquarters building, second tallest building in the state, 30 Hudson Street
Goldman Sachs Building, a 1,500,000 square foot, Class A, headquarters building, second tallest building in the state, 30 Hudson Street.
101 Hudson Street, Mack-Cali, 42 story, 1,250,000 99 Hudson Street, the tallest building in the state, 101square Hudson foot, Street, class-A Mack-Cali, office tower 42 story, 1,250,000 76 stories, 781 condo units. square foot, class-A office tower
15 MEET THE NEIGHBORS
Goldman Sachs Building, a 1,500,000 square foot, Class A, headquarters building, second tallest building in the state, 30 Hudson Street.
Liberty Innovation Center, a 340,000 square foot, Class A office building, 95 Greene Street
16 MEET THE NEIGHBORS
GREENE STREET RETAIL CORRIDOR
With the construction of 99 Hudson Street and its 17,000 square feet of retail, Greene Street continues to evolve into main retail and entertainment street in the Paulus Hook/ FIDI West/Colgate Center neighborhood. The Iron Monkey properties, are situated to play an important role in the evolution of Greene Street as the “go to” place, not just for business lunches and after work drinks, but as the retail and entertainment hub for this important group of waterfront neighborhoods .
EXCHANGE PLACE PATH TRANSPORTATION
The Exchange Place Path Transportation has steadily become one of Path’s most convenient stops on the PATH line. With a ten car platform, the commute into the Trade Center is the fastest on the line, with 5,100,100 million riders last year, up 3.8% from the previous year. The Port Authority Trans- Hudson (“PATH”) Trains are a 24-hour rapid transit system providing a vital link between Jersey City, Hoboken, Harrison, Newark and Manhattan.
17 JERSEY CITY, A LIVING TAPESTRY OF NATIONS
Jersey City, like most port cities, has always been an extremely diverse city. Today, it boasts one of the most diverse populations in the United States, with the city playing host to an array of ethnicities and cultures. Living up to its legacy as a “Tapestry of Nations,” the city is comprised of substantial communities of Jewish, Italian, Cuban, Filipino, Polish, Indian, Irish, Puerto Rican, Dominican, African, Arab, and Asian descent. With the historic Ellis Island within its borders, it’s not surprising that Jersey City has become renowned for its diversity, which has made the city an attractive place to live, work and play, for millennials and baby boomers alike. From the Village to Little India to Bergen Lafayette and the historic districts, to the Artists Markets and Annual Studio Tour, Jersey City represents the full range of 21st century diversity and culture we expect from our urban areas.
18 STRONG ECONOMIC GROWTH CORIDOR — the office space and excellent access to New York WALL STREET WEST City, the Hudson Waterfront has grown over the last 20 years into New Jersey’s largest submarket and Jersey City has long been a center of financial the state’s most important growth corridor. Since services, thanks to its proximity to Wall Street. Today, the first Class A office building opened for business the city is one of the largest banking centers in the in the 1980s, the Hudson Waterfront office market United States, and has earned the nickname “Wall has experienced stunning growth, adding more Class Street West” due to the presence of the Exchange A office inventory than any market along the East Place financial district. Numerous industry-leading Coast, with the exception of New York City. financial firms like Goldman Sachs, Fidelity, UBS, Citibank, Direct Edge, JP Morgan Chase Bank and The Hudson Waterfront office market is larger than Merrill Lynch now call Jersey City home. most of the regional CBD markets, including White Plains, Stamford, Brooklyn and Long Island City. With more than 20 million square feet of office space, Moreover, this explosive growth has led to explosive Jersey City has the nation’s 12th largest downtown. residential growth in the downtown neighborhoods The Hudson Waterfront office market consists of and the city in general. Jersey City, Hoboken, and Weehawken. Thanks to
19 MAJOR PRIVATE SECTOR EMPLOYERS
Company Industry Employment Goldman Sachs Investment Advisory 3,782 JPMorgan Chase Investment Advisory 2,500+ Bank of America/Merrill Lynch Investment Advisory 2,500 Bank of Tokyo/Mitsubishi Trust Investment Advisory 2,500+ Computershare Investor Stock Transfer Agents 1,600 New Jersey City University Education 1,663+ Saint Barnabus Health Care Health Care 1,410+ John Wiley & Sons Inc. (Hoboken) Publishing 1,500+ Insurance Services Office Business Services 1,200 Depository Trust Stock Transfer Agents 1,000+ Barclays Capital Investment Advisory 1,000+
Waterfront Demographic Screenshot Est. Median Age 33.5 Est. Average Household Size 2.04 White Collar Workers (%) 88.26% Owner-Occupied Units 25.71% Renter-Occupied Units 74.29% Est. Avg. Travel Time to Work in Minutes 41 Owner Occ. Hus: Avg. Length of Residence 10.7 Renter Occ. Hus: Avg. Length of Residence 6.2 Est. Median All Owner-Occupied Housing Value $682,701
20 HIGHER EDUCATION
The main campus of Saint Peter’s University (6.6 miles): Founded in 1872, the Jesuit Catholic university plays a central role in Hudson County, offering more than 50 bachelor’s degree programs in addition to master’s and doctoral degrees. Over the last decade, Saint Peter’s has expanded to more than 3,100 students, resulting in the construction of a new six-story student center in 2013.
New Jersey City University (NJCU) (7.5 Miles): An anchor institution in Jersey City since 1930. With its main campus on the west side of Jersey City and the new 75,000 square foot Business School at Harborside Financial Center, NJCU offers 41 undergraduate degree programs and 28 master’s degree programs. Master’s programs offered include courses in business, education, professional security studies, criminal justice, fire safety, fine arts, music, health sciences, and nursing.
There are currently 6,700 undergraduate and 1,700 graduate students at the university.
21 HIGHER EDUCATION
Hudson County Community College (6.3 Miles): Founded in 1974, and with campuses in Journal Square and north Hudson, HCCC offers 57 educational programs and 15 certificate programs. Areas in which associate degrees and certificate programs are offered include allied health, business, computer sciences, culinary arts, education, engineering, liberal arts and social sciences.
Rutgers’s Business School (.25 Miles): Located at Harborside Financial Center, the school has the No. 1 business administration master’s program in the state. The Jersey City campus offers classes towards a Rutgers MBA or master’s in human resource management, as well as a selection of professional certificate programs.
Additionally, McNair Academic High School has been dubbed the top public high school in New Jersey and 15th in the nation. The city’s high number of well-regarded schools are undoubtedly preparing its youth to become leaders of tomorrow.
22 TRANSPORTATION
The Iron Monkey properties are centrally located at the hub of a major transportation network, providing access to all points north, south and west of New Jersey, and east to New York. TRANSPORTATION
PATH: The Exchange Place PATH station is located one at the Westfield World Trade Center. You are able to block east of the property, providing subway to New York connect to the A/C, 4/5, J/Z, 2/3, and W/R subway lines. City with service to downtown Manhattan, ending at 33rd On the New Jersey side of the river, PATH stations Street (Penn Station) in midtown. are located in Hoboken, Jersey City and Newark. The The WTC Transportation Hub-Oculus: The Oculus PATH also connects with Amtrak’s Northeast Corridor at Westfield World Trade Center will connect 11 subway (Boston to Washington) in both Newark and Manhattan’s lines together. This is an important hub for commuters Pennsylvania Station. It offers the convenience of 24- coming from New Jersey. The PATH trains run to and hour rail transportation for access to New York City’s from Newark, Jersey City and Hoboken all coming into employers, cultural amenities, attractions and nightlife. this train stop. The 13.9-mile system currently serves over 200,000 passengers daily and has 13 stations in New Jersey and Connection to Fulton St. Station: The Fulton Street New York. Station subway stop is a short walk away from the Oculus
24 TRANSPORTATION
NJ Transit Light Rail: The property is located a short walk east of the Exchange Place Light Rail Station of the Hudson-Bergen Light Rail Transit System, which runs through Jersey City. This Light Rail System is designated to be 20.6 miles long, with 33 stations ranging as far north as Bergen County and as far south as Bayonne (in Hudson County). Currently, the light rail runs from Bayonne to Jersey City through Weehawken, ending at Tonnelle Avenue in North Bergen and Bergen County.
Automobile Traffic: Primary vehicular access through the neighborhood includes Montgomery Street, Christopher Columbus Drive, Washington Street, Marin Boulevard and Newark Avenue. Marin Boulevard provides quick access to Manhattan via the Holland Tunnel. The neighborhood is also conveniently located next to the NJ Turnpike Extension, the main north-south artery for the state.
NY Waterway Ferry: Service is available through NY Waterway at the Paulus Hook Ferry Terminal located a short walk from the property. New York Waterway, a privately-owned ferry service company, operates from Jersey City, Hoboken and Weehawken and provides access to various locations along the east side of Manhattan, including Midtown, Wall Street and downtown Manhattan at the World Trade Center. The Jersey City and Hoboken terminals are conveniently located adjacent to NJ Transit, light rail and PATH stations. One of the primary stations, Paulus Hook Ferry Terminal, transports passengers to Wall Street, World Financial Center, and Midtown Manhattan (39th Street).
25 TRANSPORTATION
NJ Transit: Operates five commuter train lines from the Hoboken Terminal located approximately 1.25 miles north of the property. The Hudson-Bergen Light Rail provides direct service to the Hoboken Terminal. These direct lines provide service to all points in northern New Jersey, including Newark and Morristown as well as several points in Rockland County, New York. The trains also provide direct access into New York City. The Morris & Essex, Pascack Valley, Montclair-Boonton, Bergen and Main lines all feed into Hoboken and several connect further to New York City.
New York Metropolitan Airports: The New York Metro is served by Newark Liberty International Airport (11 miles), LaGuardia Airport (14 miles), and John F. Kennedy International Airport (37 miles). This comprehensive network of airports is the largest in the United States and the second largest in the world in total flights.
26 RETAIL & ENTERTAINMENT
Central Gold Coast Location In The Heart of New Jersey’s Growth Corridor, Near Transportation, Employers, Shopping and Entertainment
The “Iron Monkey Properties” are situated offers its residents and businesses exceptional access to employment and entertainment, owing to its close proximity to the downtown’s vibrant waterfront office market, including the offices of Goldman Sachs, JPMorgan Chase, Forbes, Tory Burch, Deutsche Bank, Morgan Stanley and Citigroup.
Access to local shopping and entertainment is also extremely convenient as a wide variety of retail boutiques and national stores are close by. The 1,200,000-square foot Simon’s Newport Center Mall, which serves over 14 million shoppers a year, is a short walk from the property. Newport Mall is anchored by Macy’s, JC Penney, Kohl’s and Sears and features over 130 specialty shops, including national and local tenants.
In addition, Metro Plaza Power Center, home to a Washington Street in Hoboken (1.25 Mile): Considered one ShopRite supermarket, BJ’s Wholesale Club and a Bed, of the best Main Streets in the country, Washington Street Bath & Beyond, are a short walk from the property. boasts over 200 restaurants, bars and coffee shops, with downtown Hoboken providing an attractive destination for residents to dine, shop and enjoy nightlife.
27 RETAIL & ENTERTAINMENT
A SHORT WALK OR BIKE RIDE TO THE POWERHOUSE The PAD, with its cobblestone streets, theater, ARTS DISTRICT AND LIBERTY STATE PARK! quaint cafés, restaurants, art galleries and industrial chic lifestyle, is leading the way in creating a living The “Iron Monkey Properties” are a short walk to the environment very similar to Manhattan’s Meatpacking Powerhouse Arts District, called the PAD by locals, and SoHo neighborhoods. a neighborhood full of historic warehouses that has long been seen as Jersey City’s answer to Brooklyn’s Liberty State Park (1 Mile): The most visited state park DUMBO. The local arts community started in the in New Jersey. The 1,200-acre park is a popular venue PAD, but has since spread out throughout downtown for jogging, bike riding and dramatic views of the New and the city. The PAD is rapidly becoming a vibrant York City skyline, the Statue of Liberty and Ellis Island. neighborhood of arts and entertainment. Toll Brothers Liberty State Park continues to be a major draw for completed the second of three mixed-use buildings the entire country, attracting four million people a in Provost Square. Once completed, Provost Square year. The two-mile promenade Liberty Walk links will house the Little Powerhouse Performing Arts the picnic area, interpretive center and the historic Center, a 500+ seat theater, with accompanying terminal building while offering visitors sweeping retail, galleries and performing arts venues. The views of the Hudson River and Manhattan. Historic Powerhouse is poised to be reborn as an Liberty State Park in recent years has played host to 180,000-square-foot retail entertainment complex a number of concerts and sporting events like “Tough by the award-winning Cortish Companies out of Mudder.” Baltimore.
28 JERSEY CITY HIGHLIGHTS
• New Jersey’s second-largest city, • Home to 17 of the 20 tallest • Jersey City is undergoing a record projected to surpass Newark to buildings in New Jersey. construction boom, with 6,800 become the state’s largest city in units under construction and an 2020. • Voted the most diverse city in the additional 18,000 units approved. United States. • Voted the 2016 “Curbed Cup” winner as the neighborhood of the • Recently recognized as one year, marking the first time a non- of America’s “Top Public New York City neighborhood has Transportation Cities” by Forbes. received this urban honor. • Moody’s Investors Service raised • With more than 20 million square Jersey City’s bond rating to A1 feet of office space, it is the Stable in 2014, a rating higher than nation’s 12th largest downtown the State of New Jersey itself. office market.
29 The Downtown Neighborhoods are Young, Affluent And Educated
INVESTMENT HIGHLIGHTS
• Extraordinary Location: “Iron • An extremely high 33% of the • High wage earners from Manhattan Monkey Properties” are located population in the 07302 zip code and the waterfront office in the absolute center of historic is in the 25- to 34-year-old age complexes, of Exchange Place and downtown Jersey City within one bracket, with the median age Newport have fueled the demand of the best multi-family markets in being 34.2. Approximately 50% for luxury housing in Jersey City. the country, the New Jersey Gold of the population has income Coast. over $100,000 annually, with the • Jersey City has developed median income being $107,500. diverse middle- to upper-income • Based on its access to lower However, despite having high neighborhoods, like Paulus Hook, as Manhattan and Wall Street, Jersey income characteristics, 72% of a result of its vibrant Class A office City has become an “18-hour” city the households in Jersey City are market. and an affordable counterpart to its renters, compared to the overall • Approximately 76% of the residents Global Gateway neighbor, New York United States at 35%. City. “Iron Monkey Properties” are in the cornerstone Downtown just minutes away from Manhattan • Strong Apartment Fundamentals: neighborhoods, have a Bachelor’s via the Exchange Place PATH The Jersey City Waterfront degree or higher which has Station. In addition, the Exchange apartment market benefits continued to develop the Jersey Place Light Rail Station is a short from its convenient access, City as a desirable community to distance from the properties, irreplaceable location and strong live, work and play. providing access to neighboring demographics. Over the last five • High quality, new residential Hoboken, Bayonne and North years, Jersey City has emerged as developments, combined with Bergen. one of Northern New Jersey’s most hundreds of restaurants, bars and heavily demanded upscale urban • Winning Demographics: Since retail establishments have created residential locations. Relative to the one of New Jersey’s only “18 hour” the beginning of the Jersey City pricey multi-housing buildings in city, attracting large numbers of renaissance, high wage earners New York City and Brooklyn, Jersey from Manhattan, Northern New professionals to call Jersey City City is well suited for residents home. Jersey and other parts of the looking for high quality, luxury country and world have fueled apartment buildings in vibrant • Many of Jersey City’s residents are the relentless demand for luxury neighborhoods at more affordable employed in Manhattan, housing in Jersey City. Moreover, rental rates. the new trend of “lifestyle renters” • Jersey City and the surrounding choosing to live in diverse urban • New York City is an undersupplied communities. neighborhoods with great access apartment market with a current to quality transportation has also vacancy rate of 2.8%. Jersey City, • Approximately 70% of new 2018 spurred the Jersey City apartment Hoboken and Hudson County have residents work in Manhattan and a market. low vacancy rates, with the county strong percentage work in the new vacancy rate presently at 6.5%. office developments in Jersey City.
30 AN AMERICAN SUCCESS STORY
JERSEY CITY, With dozens of major development projects either under construction or slated to soon begin, Jersey AN AMERICAN SUCCESS STORY City is experiencing record growth. The city currently has over 6,800 residential units under construction and an additional 18,000 approved. These It’s difficult to find a comeback story as compelling development projects range from soaring new towers, as the one Jersey City is presently writing. Long like the Columbus Towers and URBY building that are considered a “Gritty City” whose best days were changing the city’s skyline, to the revitalization and behind it, Jersey City started the process of redevelopment of old buildings like Telco Lofts and rebuilding and redefining itself in the 1970s. The Mill Creek’s Modera Lofts into luxury residential and rediscovery of brownstone living and the embracing mixed-use communities. of the redevelopment process refined the city into a force for community renewal. The Jersey City story Jersey City has transformed into a much coveted “18- has been one of preserving the past while planning hour city,” where walk-to-work housing is becoming and building the future. increasingly common, and shops, restaurants, and entertainment venues are staying open later into With this two-prong approach, the city has the night, helping the city become a magnet for experienced the development of thousands of new millennials and a large creative population. Jersey residential units over the past two decades and City has for years invested in downtown housing and created an important tristate economic growth neighborhoods, adding thousands of units, putting corridor. the city in a strong position to attract millennials and
31 ROBERT P. ANTONICELLO Principal and Founder Jersey City, New Jersey
Robert P. Antonicello is a broker/advisor specializing in urban and suburban redevelopment projects, including brokerage, acquisition, entitlement, consulting and development. He has 35 years of diverse experience in local government and the private sector, with a focus on redevelopment, entitlement, economic development, and public-private partnerships. He has served in various leadership positions in local government, ranging from Director of Neighborhood Planning to his eight years as Executive Director for the Jersey City Redevelopment Agency (JCRA).
As Executive Director for JCRA, New Jersey’s largest and oldest municipal redevelopment agency, Mr. Antonicello was responsible for many high-profile projects in Jersey City’s redevelopment, including the Powerhouse Project, the Journal Square Vision Plan and its successful green workforce-housing program. Mr. Antonicello’s broad area of expertise includes project facilitation, project entitlement, site assemblage, environmental remediation and developer selection. Mr. Antonicello has earned a reputation as a “bridge” between the local government and private development community.
His vast and diverse background includes 25 years as owner/manager of a successful commercial real estate firm, responsible for the sale of many landmark building and large development sites in Jersey City and Hoboken. Early in his career, he served both as a City Planner and Executive Director of Neighborhood Housing Services for the City of Jersey City. In December 2008, he was named Public Official of the Year by the Urban Land Institute of Northern New Jersey.
Mr. Antonicello is a full member of the Urban Land Institute and a former North Jersey District Council Chairperson. He now serves as the Governance Chair for the ULI District Council.
Mr. Antonicello has a BA in Urban Affairs from Rutgers University and a Masters of Real Estate Development from New York University.
32 BOBBY ANTONICELLO JR Broker Jersey City, New Jersey
Robert Antonicello Jr. is a junior broker at Grid Real Estate LLC. Robert is responsible for updating the firm’s proprietary listings database and assisting the New Jersey brokers on their landlord and tenant representation projects.
Prior to joining the firm, Robert was a junior broker at CBRE’s New Jersey office and a specialty leasing representative at the Palisades Center Mall with Pyramid Management Group. At CBRE, he was responsible for canvassing and marketing multiple malls and power center properties in New York and Massachusetts. He managed all property inquiries and activity while compiling the prospective client database. Robert also conducted property visits with prospective clients and attended marketing events to establish new relationships and promote proper¬ties within the industry.
After earning a Bachelor of Arts Degree in global communication from the Ramapo College of New Jersey, Robert interned with the Jersey City Redevelopment Agency and City Hall. He is in the process of becoming certified in capital markets and finance from NYU Schack Institute of Real Estate.
Robert Antonicello Jr. is a junior broker at Grid Real Estate LLC. Robert is responsible for updating the firm’s proprietary listings database and assisting the New Jersey brokers on their landlord and tenant representation projects.
He is a member of the International Council of Shopping Centers in New Jersey and the Urban Land Institute.
33 RETHINK REBUILD R E N E W
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