November 7, 2014
BlueGate Retained to Sell 124-134 Bay Street in Jersey City, NJ’s Historic Powerhouse Arts District
BlueGate Partners, LLC has been retained on an exclusive basis to arrange the sale of 124-134 Bay Street, in Jersey City, NJ (the “Property,” or “Warren at Bay”). Consisting of two adjacent flex warehouse/office/industrial buildings containing 100,944 gross square feet, the Property is a prime redevelopment opportunity in the heart of the Jersey City Waterfront. The buildings were originally constructed circa 1914 and today, are partially occupied by short-term light industrial, storage and art gallery tenants. The Property, which is located three blocks north of the Grove Street PATH station in the center of the Powerhouse Arts District, will provide future users with exceptional access to lower Manhattan in only twelve minutes. The charming and historic Powerhouse Arts District is currently in the process of transitioning out of its industrial past, into an iconic mixed-use centerpiece for the arts, retail and entertainment in downtown Jersey City.
The rehabilitation of Warren at Bay has the potential to create one of the most unique residential communities on New Jersey’s Gold Coast. Units have the ability to feature above-average ceilings heights, large windows and the kind of spacious layouts that only converted industrial spaces can offer. The Property would possess units with a combination of character, charm and comfort not found in any of the newly constructed residential buildings within Jersey City.
With its cobblestone streets, quaint cafés, restaurants, art galleries and edgy industrial conversions, The Powerhouse Arts District offers a trendy and upscale environment similar to Manhattan’s Meatpacking and SoHo neighborhoods. The revitalization of lower Manhattan and the recent opening of One World Trade Center will bring thousands of jobs to downtown Manhattan, further fueling the strong demand for luxury housing options.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.