The building is perhaps best-known for the Claes Oldenburg sculpture of a clothespin on the plaza of the property's northwest corner facing Market Street at City Hall's Dilworth Plaza.
"It's important to identify property restrictions as early as possible because, depending on the outcome, they can lead to significant project delays," says attorney Christine Roy, an expert on New Jersey's Green Acres regulations.
More affordable liquor licenses would lead to a dramatic increase in the number of bars and restaurants opening in Jersey City, Margules says. "All the vacant stores would be filled, and apartments would be more desirable. The area would see a major renaissance," he says."
“Laura's Glen Apartment was a perfect addition to the purchaser's portfolio,” says Weilheimer. “The demand for multifamily properties in southern New Jersey has never been greater.”
During its ownership tenure, Marcus Partners completed a $17.8 million base building capital improvement program which transformed the property into a state-of-the-art, high quality work environment.
Simone says it sees an attractive value-add opportunity to re-position the building and increase NOI substantially via lease-up of immediately available space.