January 18, 2016
BlueGate Sells Exceptional Jersey City Redevelopment Opportunity, 124-134 Bay Street in Jersey City, NJ’s Historic Powerhouse Arts District
BlueGate Partners, LLC (“BlueGate”) is pleased to announce the sale of Warren at Bay, an exceptional Jersey City redevelopment opportunity located at 124-134 Bay Street, in Jersey City, NJ. BlueGate represented the seller, a partnership between Panepinto Properties and Garden State Development in the $14 million transaction. The purchase was a partnership between KABR and Kushner.
Warren at Bay consists 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. 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.
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.