The Marmarou Team Sold Two Industrial Warehouses in Linden, New Jersey
Almost exactly one year to the date of selling a 10,000 sf warehouse located at 1701-1713 E. Elizabeth Avenue, Linden New Jersey (1/25/2021), the Marmarou Team has successfully executed the sale of 1711 and 1717-1721 Pennsylvania Avenue in Linden, New Jersey.
Located in the light industrial zone, the two properties totaled 11,000 SF total of rentable square footage. The property sold to one of the existing tenants who was in place for over five years and outbid a number of outside bidders that competed for the purchase.
1711 Pennsylvania Avenue
1717 - 1719 Pennsylvania Avenue
The sale was under contract for a significant period of time as the seller and purchaser successfully navigated through a number of major environmental issues. The offering received a significantly high number of bids as the Linden market continues to remain extremely hot.
The chart below shows how the $/sf have continued to increase in the market over the past 5 years, along with increased sales volume since the COVID-19 outbreak.
The Marmarou Team continues to market a number of other development sites and investment properties in Northern New Jersey. They include;
500 units in the West Side Market
A fully approved 524 unit project in Journal Square
A 180,000 SF development site in Canal Crossing
A 50 unit, fully approved development site in the Lincoln Square Section of Jersey City
A 200 unit development site in the heart of Journal Square
And coming to the market, a mixed-use transit oriented development site in downtown Elizabeth
The redevelopment of the West Side market of Jersey City continues to thrive. The Marmarou Team, led by Yanni Marmarou of B6 Real Estate Advisors, exclusively represented the buyer and seller of 277-299 West Side Avenue. The property is located at the southwest corner of West Side and Fisk, within walking distance to the NJ Path train.
The 46,000 SF site is located in the West Side Avenue redevelopment plan. Historically the property was owned/operated by Armen Plastics, a plastic manufacturing company. The site was most recently leased to a local shipping company, while the former manufacturing portion of the facility remained abandoned for over a decade.
As of right, the West Side Avenue redevelopment plan allows for 137 residential units, in addition to ground floor retail and parking. The redevelopment plans allows for developments with a max height of six-stories and allows for bonuses for certain provisions.
West Side Development- Potential rendering of existing structure and newly proposed structure
“This property will soon be redeveloped into a luxury mixed-use development, adding new life to a building that was falling into major disrepair over the last decade,” stated Yanni Marmarou. “Our team was brought in after the property was unsuccessfully marketed for 5.5 years. The property was a major eyesore for the neighborhood for decades.”
The property was sold to a local developer for $6,200,000 in the middle of December. No approvals were in place at the time of sale.
New developments in the area continue to add new life and new residents into the NJCU (New Jersey City University) Market. These include Rivet I & II, The City Line, The Agnes and the recently launched “3 Acres” located at 400 Claremont Avenue.
“The recent developments by firms like Fields Grade, Claremont Development and the PRC Group, supported by sponsors such as Circle Squared Investments, have helped blaze the trail for what the future holds for the West Side market. What once was a mixed industrial neighborhood, lacking any true identity is now becoming a desirable destination to live and work,” according to Marmarou. “Soon the market will be home to new retail developments, a performing arts center and restaurants, providing much needed local services for the market.”
The Marmarou Team, led by Yanni Marmarou, has been exclusively hired to market for sale 27,500 SF of land in the Canal Crossing section of Jersey City. We love the prospects of what this emerging neighborhood will offer in the coming years.
The area is already home to movie studios, breweries, distilleries, medical operators and will soon be the new home of 1,300 units of newly master planned community, directly across the street from our location.
In addition, Canal Crossing is within walking distance to Sci Scity, Liberty State Park, two light rail stations, Berry Lane Park and the emerging Bergen Lafayette neighborhood. To access our OM, please visit;
The Canal Crossing Redevelopment Plan Area is approximately one-hundred and eleven (111) acres in area and is located in the southeastern section of the City of Jersey City. It was formed from the southern portion of the Morris Canal Redevelopment Area and a portion of the Claremont Industrial Redevelopment Area. The Canal Crossing Redevelopment Area is now a separate and distinct redevelopment area within the City of Jersey City.
The Hudson-Bergen Light Rail (HBLR) system runs along both the northern and eastern borders of the area. The eastside connector branch of the HBLR forms the northern border of the Redevelopment Area and the Garfield Avenue station is located at the north-west corner of the Area.
The Bayonne line forms the eastern border of the Area. A new station is proposed on this line at the eastern terminus of Caven Point Avenue within the Area.
The Marmarou Team Brings to Market Canal Crossing
Application Submitted - 499-501 Summit Avenue...
Application Submitted - 499-501 Summit Avenue - Journal Square - Jersey City
More vertical high-rise development is moving forward in the Journal Square market.
According to the Jersey City Planning Board, The Panepinto Development Group has submitted a site plan application for 499-501 Summit Avenue in Journal Square.
Birds eye view showing 499 Summit Avenue site in the Journal Square market
According to the application, "The Applicant is proposing to construct a 53 story, 556' high, mixed-use tower on a base structure containing:
607 dwelling units, with 606,000 SF of residential space
approximately 3,183 ground floor commercial retail space,
35,813 sf of valet parking garage space,
3,200 sf public plaza area, landscaping and other streetscape improvements."
The initial plans for a call unit mix comprised of;
107 - Studios
388 - 1 Bedroom Units
100 - 2 Bedroom Units
12 - 3 Bedroom Units
All at market rate rents, with zero affordable units
Aerial view showing site, adjacent to Journal Squared
The site is directly across the street from Eran Pollack's HAP Group stalled development project, 500 Summit Avenue, which was originally approved for 42 stories with 903 units.
500 Summit Avenue Conceptual Rendering
As more details emerge, we will be sure to keep you posted.
The purpose of the Journal Square 2060 Plan is to foster the redevelopment of Journal Square, Jersey City's central business district, by providing for transit oriented development of new housing, offices, commercial, and public open spaces within walking distance to the Square and transit facilities. The goal is to return Journal Square to a flourishing central business and shopping destination.
Amazon Sets Its Sight on Jersey...
Amazon Sets Its Sight on Jersey City
As first reported by Bloomberg.com, Amazon.com Inc. is looking to add office space in New Jersey as it expands in the New York City region.
The e-commerce giant is close to a deal for roughly 400,000-square feet (37,000 square meters) of space on the Jersey City waterfront, according to people familiar with the matter, who asked not to be named because the talks are private.
Aerial rendering of Harborside buildings 1, 2, and 3 – Photo courtesy of Mack-Cali
Built in 1929 for the Pennsylvania Railroad and newly reimagined from the ground up, Harborside buildings sit along the Jersey City waterfront as a contiguous trio of low-rise structures ranging from eight to 12 floors high.
The 21st-century upgrade is designed Elkus Manfredi Architects and is being developed in a collaboration between Mack-Cali Realty Corporation and SJP Properties. The three buildings sit on a long rectangular parcel bound by Harborside Place to the north, Hudson Street to the west, and Christopher Columbus Drive to the south.
Plaza Construction is in charge of the construction, which had a price tag of approximately $75 million.
The exterior for Harborside. Designed by Elkus Manfredi Architects
Amazon has been expanding in New York despite the collapse of its plan to build a second headquarters in Queens in 2019. The firm has recently been in talks to sublease offices in Manhattan’s Hudson Yards from JPMorgan Chase & Co., Bloomberg reported in August.
In December of 2020, Amazon opened a new 95,000-square-foot delivery station in Jersey City at 79 Thomas McGovern Drive. The new facility created more than 70 full-time associate jobs, all paying at least $15.75 per hour, in addition to hundreds of driver opportunities for Amazon’s Delivery Service Partners and Amazon Flex drivers.
Through these driving opportunities, people will be able to either build their own business delivering Amazon packages or work as independent contractors with the flexibility to be their own bosses and create their own delivery schedules.
Amazon's delivery station at 79 Mc Govern Drive in Jersey City
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