NYC METRO HOTEL/ HOSTEL FOR SALE 415–417 38TH STREET, UNION CITY, NJ 07087 $6,750,000 DELIVERED VACANT • LICENSED HOTEL 7,500 SF LOT • 2 MILES FROM MANHATTAN 14,000 SF BUILDING VIA LINCOLN TUNNEL 54 KEYS + 2 COMMERCIAL OFFERING MEMORANDUM 1 MARKET OVERVIEW Northern New Jersey comprises the northern — followed by 17% professional jobs and portions of the U.S. state of New Jersey business services. 16% of all regional jobs are between the upper Delaware River and the in education and health services; finance and Atlantic Ocean. Northern New Jersey consists investment banking account for 7%. of Bergen, Hudson, Passaic, Essex, Morris and Northern New Jersey offers a variety of Union counties. The region is bordered to the amenities and cultural entertainment, as well as east by the Hudson River and New York City, to outdoor recreation including hiking, skiing and the south by Middlesex and Somerset counties, fishing. Extensive park lands are all within an to the west by Warren and Sussex counties, easy drive from anywhere in the region. and to the north by New York State. Many community colleges and universities are With its strong connection to New York City’s located in Northern New Jersey, including economy, the region is characterized by a high Seton Hall University, the Newark campus level of economic output. Economic engines of Rutgers University, Stevens Institute of include Paramus in Bergen County, which has Technology and Bergen Community College. become the top retail ZIP code (07652) in the United States - generating over US$6 billion Northern New Jersey has more than 4.3 million in annual retail sales - Jersey City’s financial residents. Population growth is 0.4% annually. district known as Wall Street West, Newark The Northern New Jersey demographic is Liberty International Airport, and the Newark- similar to that of the nation. Elizabeth Seaport. Northern New Jersey is one Median household income in Northern New of the largest labor markets in the nation. With Jersey is $59,000 per year while the cost of more than 1.9 million workers, the region also living is among the highest in the country. Over has easy access to New York City’s the next five years home prices are expected to employment base. Trade, transportation, and continue to rise faster than household income, utilities are the largest employment sectors with making home ownership more difficult for approximately half a million workers potential home buyers. — accounting for 22% of total employment 2 Hudson County. The Hotel is located in Hudson (GDP) of $44.7 billion in 2018, which was ranked County, geographically the smallest and most 5th in the state and represented an increase of 2.0% densely populated county in New Jersey, and the from the previous year. sixth most densely populated county in the United States. Hudson County had 13,731.4 residents per Various businesses and industries are headquartered square mile (2010 Census), growing to 14,973.9 or had their start in Hudson County. Secaucus is residents per square mile by 2017. 2020 Census home to The Vitamin Shoppe, My Network TV’s estimates indicate that Hudson County is the flagship station WWOR-TV, Red Bull New York, fastest-growing county in New Jersey; the population MLB Network, NBA Entertainment, Goya Foods, was 676,061 in 2018, making it the state’s 4th-most The Children’s Place and Hartz Mountain. Jersey City populous county. The population increased by 9% is home to Verisk Analytics and WFMU 91.1FM, the from the 2010 Census. Hudson County is ranked as longest running freeform radio station in the United the 8th most racially diverse county in the country. States. Hudson County’s most popular tourist attraction Hudson County’s high population is well served by is Liberty State Park, the most convenient way of extensive mass transit and infrastructure, including visiting the Statue of Liberty and Ellis Island. Other the Port Authority (PATH) commuter railway, with popular attractions include Liberty Science Center, stops in Manhattan, the Hudson Bergen Light Rail Spirit of New Jersey Dinner Cruises, The Lady, system, the NY Waterway ferry, and many bus a paddle wheel boat for dinner cruises, Horizon lines. Urban development along the «Gold Coast» dinner cruise yacht, historic Hoboken dining and of Jersey City’s waterfront has brought business nightlife, the Park Performing Arts Center, and the and new residents into the area. Stevens Institute Secaucus Designer Outlets, one of the original and of Technology in Hoboken, the New Jersey City oldest outlets in the country. University in Jersey City, St. Peter’s in Englewood Cliffs offer higher education options. In the early 20th century, Union City was the «embroidery capital of the United States», Based on Bureau of Economic Analysis data, the trademark of that industry appearing on the Hudson County had a gross domestic product city’s seal. 3 UNION CITY Photo credits: Laura Moss | The New York Times | Located in Northern Hudson County, Union City concentration of stores begins at its intersection is one of New York City’s bedroom communities, with 32nd Street, just six blocks from the Hotel, within an easy 20 minute commute to midtown and continues to 92nd Street in North Bergen. Manhattan by car or bus. Set atop the cliffs just Union City is one of only a few cities in New West of the Hudson River, Union City is at an Jersey with a state-established Urban Enterprise elevation of 190 feet above sea level. At one of Zone (UEZ), and the Hotel is located within it. The the highest elevations within the New York City UEZ will provide the Hotel’s new owner with many metropolitan area, Union City avoided the flooding financial benefits not available to the competition. brought by hurricane Sandy, flooding that The Hotel’s new owner will pay zero sales tax on decimated lower Manhattan and other New business purchases: furniture, furnishings, supplies, York City neighborhoods. etc. The Hotel’s customers pay a lower sales tax Union City is one of the most densely populated rate. Employee costs for low wage workers are municipalities in the Western Hemisphere with over subsidized, unemployment insurance costs are 50,000 people per square mile, more densely lower, and there are tax credits available. populated than either Brooklyn or Queens. In addition to providing an incentive for business New Jersey highway Route 495 runs through Union owners and their customers, the UEZ program City just seven blocks from the Hotel. Route 495 invests in maintenance and public safety within the connects Union City with midtown Manhattan, two urban enterprise zone. UEZ funds are also used to miles away by car via the Lincoln Tunnel. And Union market the area and for holiday decorations. City offers excellent views of the Manhattan skyline. Union City is served by Newark Liberty International The Hotel. Before the movie industry moved to Airport nearby, and by La Guardia, and JFK California, Union City was at the center of movie International airports. making and theater, Hollywood on the East Coast. Bergenline Avenue, Northern New Jersey’s main Built in 1902, then known as the Hudson Hotel, commercial thoroughfare, is just one hundred feet the Hotel was across the street from a vaudeville from the Hotel. The longest commercial street in the theater where Charlie Chaplin, the Marx Brothers, state boasting endless retail and dining options, WC Fields and many other greats performed. The Bergenline Avenue runs through the entire length Hotel was expanded several times and remodeled of Union City, as well as through West New York, in 2014. For the last five years, the Hotel has been Guttenberg, and North Bergen. Also known as the tenant operated as a hotel and hostel serving young «Miracle Mile», Bergenline Avenue’s densest travelers to New York City. 4 LOCATION TRAVEL TIMES BY CAR Meadowlands MEADOWLANDS Sports Complex American Dream Megacomplex 15 minutes La Guardia Airport UNION CITY, NJ 40 minutes MANHATTAN 20 minutes QUEENS 25 minutes 55 minutes Newark Airport BROOKLYN JFK Airport Property Location, 415–417 38th Street, Union City 5 NEIGHBORHOOD AMENITIES Weehawken Cemetery $ $ US POSTAL SERVICE $ T-MOBILE VERIZON $ $ 7-ELEVEN KEY TACO BELL $ WELLS FARGO MCDONALDS Property Location, 415–417 38th Street, Union City WALGREENS $ 10 Minutes Walk Radius DUNKIN’ DONUTS DUNKIN’ DONUTS Grocery Store / Supermarket BURGER KING Restaurant/ Cafe Bar / Cocktails T-MOBILE Coffee Shop 7-ELEVEN Retail Shop Playground $ Pharmacy $ BANK OF AMERICA $ Bank $ 6 6 PROPERTY DESCRIPTION THE OFFERING The offering presents a unique opportunity to The Hotel is ADA compliant, fully wet-sprinklered acquire an existing hotel property in a fast with standpipe and monitored fire-alarms. growing market, Northern New Jersey. The local There is no on-site parking; however, there are hotel market has shown an average 5% annual four municipal parking lots with parking for over RevPAR growth rate over the past decade and 400 cars within a block, and an operator could this trend is expected to continue. offer their motoring guests valet parking. The Hotel is a 56 unit three-story walk-up Conveniently located in the pedestrian-friendly building; 44 keys have in-suite bathrooms while Union City center, the Hotel is uniquely posi- 10 keys share three common baths. The building tioned to serve travelers visiting friends and fam- has two small commercial units, a 100 sf kiosk, ily locally and travelers without a car. The #159 and also a 160 sf office space on the ground bus to Manhattan stops within a two minute walk floor. Additionally, there are five permitted from the Hotel, on Bergenline Avenue at 37th washing machines and five permitted dryers in Street.