JERSEY CITY, NJ−A property at Journal Square, where re-development efforts are intensely focused right now, has been acquired by a New York-based company for $31 million, according to brokers from GFI Realty.
The identity of the buyer of 35 Journal Square, a 12-story office building built around the turn-of-the-century, was not disclosed in a news release from GFI Monday. GlobeSt.com has not yet been able to get further comment regarding that.
However, Matt Weinreich of Hopkins Group, another New York developer who is working on a residential conversion project at Journal Square, said he had investigated the potential of converting 35 Journal Square to residential use and been told by structural engineers it was virtually nil.
"I would guess that it will remain an office building," said Weinreich.
The building was traded by Sackman Enterprises Inc., a Manhattan-based firm that rehabilitates and manages historic properties. The 200,000-square-foot building, situated close to the Journal Square PATH station, houses the offices of PSE&G, Capital One and Blink Fitness.
GFI Realty, which is also based in New York City, represented both parties in the deal. Ohad Babo and Yanni Simantov represented the seller and Roni Abudi represented the buyer.
“Investors are increasingly looking beyond Manhattan and have been eying up-and-coming neighborhoods in Jersey City,” Babo said in the release. “Journal Square, in particular, is a hot spot within Jersey City that's growing in popularity due to its ideal location in the heart of one of Jersey City's business districts.”
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