JERSEY CITY, NJ—GRID Real Estate, LLC arranged the $19.5 million sale of Puccini's,the famed Italian catering hall and eatery on Jersey City's West Side, along with six adjacent parcels.
Bob Antonicello, Sr. and Bobby Antonicello of GRID Real Estate and Charles Berger, vice president, and Robert L'Abbate of CBRE Capital Markets' Investment Properties team in New Jersey, and Elli Klapper of CBRE Capital Markets' Investment Properties team in New York, brokered the deal.
The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution facility, several multifamily homes, Puccini's Restaurant – a landmark establishment – and associated parking. The seven-lot assemblage is located at 1064, 1072, and 1075 W. Side Ave., 54 Broadway and 153 Corbin.
New York-based Amerstate Holdings, LLC purchased the Puccini's properties from Boca Corp, long time owners of the four-acre site. CBRE says the buyer plans to develop the four-acre site into a mixed-use complex comprised of more than 500 residential units, as well as ground-floor retail, which will enhance greatly the area's streetscape.
“The sale of the Puccini's assemblage indicates that the Journal Square housing boom is pushing further west with real estate prices up double digit percentages in the Journal Square area,” says Bob Antonicello, principal of GRID.
The seven properties, including Puccini's Restaurant, a small apartment building, and a vacant textile factory are less than one half mile west of the Journal Square PATH Station. The site is zoned for multi-family, mid-rise buildings, with “as of right zoning” for 580 units.
Antonicello says Journal Square's inherent value is becoming "front and center" after decades of developers focusing on the city's Downtown. “In the next 12 months,” he says, “the neighborhood is going to see robust growth, as the core of the Square is redeveloped and the new Path Transportation Center at the Trade Center comes on line.”
UPDATE, 3/2/2015: This story has been updated with additional perspective on the transaction provided by CBRE subsequent to publication.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
