The Marmarou Team Sells West Side...

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.”

Aerial view of the development site located at 277-299 West Side Avenuehttp://www.themarmarouteam.com

The Marmarou Team continues to market a number of other development sites in Jersey City. They are currently marketing;

For more information, feel free to contact the team directly at TheMarmarouTeam@b6realestate.com

The Marmarou Team - Canal Crossing

The Marmarou Team Brings to Market Canal Crossing

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;

https://b6realestateadvisors.com/listings/?propertyId=1005708-sale

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:

The initial plans for a call unit mix comprised of;

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.

The proposed deal is said to be happening at Harborside 1 at a Mack-Cali Realty Corp. complex.

Aerial rendering of Harborside buildings 1, 2, and 3 - Photo courtesy of Mack-Cali
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 new exterior for Harborside. Designed by Elkus Manfredi Architects
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

Amazon Sets Its Sight on Jersey City

Bayonne Approves First Phase of Massive...

Bayonne Approves First Phase of Massive Bayview Redevelopment

A plan that will transform almost 17 acres of land along the banks of Newark Bay can officially move forward with an initial portion that includes four buildings, new parks, and public waterfront amenities.

During their October meeting, Bayonne’s planning board approved an application to revitalize property at 175 Avenue A. The land was previously home to a since-demolished A&P supermarket and Jersey Digs first profiled a proposal to redevelop the parcel over the summer.

Bayview Development Bayonne Site And Signage

The project, dubbed Bayview, is a joint venture between Branchburg-based Larken Associates and Gallium Real Estate. The scale of the development is undeniably bold, as the entire vision includes a total of 1,100 units alongside approximately 55,000 square feet of retail space spread throughout five buildings.

The first phase of Bayview was drawn up by Newark-based architecture firm Minno Wasko and is set to build 797 residences in three new structures, two of which will rise eight stories. Those buildings will rise along the eastern portion of the property, with the first featuring 182 residences, 6,585 square feet of retail space, and three floors of garage parking containing 296 spaces.

Bayview Development Bayonne Aerial Facing East

The second eight-story portion will include 200 units, 7,235 square feet of retail, and 283 garage parking spaces. Both structures would feature interior courtyards and be separated by a triangle-shaped park spanning just under half an acre along the interior of the Bayview complex.

The western section of the property will see a 12-story building constructed during Bayview’s first phase consisting of 415 residential units, 2,750 square feet of retail space, and five floors of parking totaling 456 spaces.

Bayview Development Bayonne Facing West

A separate one-story retail property home to a Planet Fitness will remain under the phase one approvals and is slated to undergo a façade overhaul that will see the installation of new stone panels.

Bayview Development Bayonne Planet Fitness

Bayview’s second phase, which will need additional planning board approvals, consists of another 12-story building along Newark Bay set to feature 303 units and 396 garage parking spaces. The final component will additionally include 4,780 square feet of commercial space, a 9,000-square-foot ground-floor restaurant, and a 9,575-square-foot rooftop restaurant that features outdoor seating.

Several streets will be constructed by the developers to facilitate the project, an undertaking that will create 163 surface parking spaces for the public along the new roadways. Various community amenities in the proposal include the construction of a new public waterfront walkway, an amphitheater facility on the north side of the property, a waterfront pier along the southern area, a “beach” section, and a playground.

Bayview Development Bayonne Street Level

The exteriors of the new structures will utilize gray brick and metal panels, with the taller buildings featuring some fiber cement components. The new portions of Bayview will not include any affordable housing component and garage spots at the development’s two phases total 1,596 parking spaces.

Bayview Development Bayonne Waterfront Walkway

Initial work at Bayview will see construction on the network of roadways, the waterfront walkway, and a triangular park. Despite the development’s approvals, Larken Associates and Gallium Real Estate have not yet announced a groundbreaking date for the project.

Bayonne Approves First Phase of Massive Bayview Redevelopment

(Courtesy of Jersey Digs)

Mack-Cali Set to Sell Jersey City...

Mack-Cali Set to Sell Jersey City Office Tower for $380 Million

In one of New Jersey's largest office transactions, Mack-Cali Realty has a deal to sell a Jersey City high-rise for $380 million to The Birch Group, which has been snapping up properties in the Garden State.

101 Hudson Street

The 42-story, Art Deco-inspired office tower at 101 Hudson Street spans 1.2 million square feet and is one of the tallest buildings in Jersey City. It sits in a prime location, close to the Exchange Place New Jersey PATH station and with views of the Manhattan skyline, New York Harbor and the Statue of Liberty from its upper floors. 

The deal, reported to close in the next 30 days at $380 million, would appear to break the state's record for the largest single-office property transaction, which dates back to October 2011. That's when Newport Tower at 525 Washington Blvd. in Jersey City was purchased for $377.5 million by Sun Life Institutional Investors of Washington, D.C., from Brookfield Office Properties of New York.

In 2020, developer LeFrak sold a Hudson River waterfront property, Newport Office Center IV at 545 Washington Blvd., also in Jersey City, for $372.8 million.

As of late, multiple-building office properties have fetched high sums. Last year a six-property office campus in Florham Park traded for $311 million. And in December 2018 an office complex in Newark, Gateway Center, sold for $325 million.

The Marmarou Team continues to market a number of other development sites in Jersey City. They are currently marketing;

For more information, feel free to contact the team directly at TheMarmarouTeam@b6realestate.com

Mack-Cali Set to Sell Jersey City Office Tower for $380 Million