JERSEY CITY, NJ— A 45,000-square-foot, 10-story office building in Jersey City, 880 Bergen Ave., will be transformed into a multifamily development following a $5.7 million sale brokered by CBRE.
CBRE Capital Markets Investment Properties' Charles Berger and Mark Silverman in New Jersey, and Elli Klapperin New York, represented the seller and procured the out-of-state buyer in the transaction. The CBRE team worked with Bob Antonicello and Bobby Antonicello Jr. of Grid Real Estate, the second time the two brokerages have collaborated on a sale.
"This sale is a critical piece of the Journal Square revitalization. 880 Bergen Ave. is an ideal residential conversion and a natural evolution of what is happening in Journal Square,” Bob Antonicello, president of Grid, tells GlobeSt.com exclusively. “The redevelopment anticipated residential conversions of these older commercial office buildings as they approach the end of their useful life.”
The repositioned property will have 60 rental units. An existing Bank of America branch on the ground floor will continue to anchor the retail space.
"The CBRE Tri-State Investment Properties team is one of the most active in the Jersey City market, which has become one of the hottest and most sought-after areas in the Tri-State region,” says Berger. “This is a prime example of how our team is able to maximize value for the seller, while at the same time present the buyer with the opportunity to reposition an aged office building into a lucrative multifamily property. This is the fourth deal our team has closed in Jersey City in 2015, totaling a value of more than $30 million, with several more on the way.”
880 Bergen Ave. includes a view of the New York City skyline and is located within walking distance of the Journal Square PATH station.
Correction, 7/13/2015: This article is revised to reflect the names of the two Grid Real Estate brokers who participated in the transaction, and to add exclusive comments from Bob Antonicello from Grid.
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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].
