Historic Journal Square office building sold for 31M

Listen to this article

A New York investor has paid $31 million to acquire a historic 12-story office building in the Journal Square section of Jersey City, according to brokers involved with the deal.The unnamed buyer acquired 35 Journal Square from Sackman Enterprises Inc., a Manhattan-based firm that rehabilitates and manages historic properties, brokerage firm GFI Realty Services Inc. said in a news release. The 200,000-square-foot property, which sits near the Journal Square PATH station, is home to PSE&G, Capital One and Blink Fitness.

GFI Realty, which is also based in New York City, represented both parties in the deal. Associate Ohad Babo and Director Yanni Simantov represented the seller, while Managing Director Roni Abudi represented the buyer.

“Investors are increasingly looking beyond Manhattan and have been eying up-and-coming neighborhoods in Jersey City,” Babo said in a prepared statement. “Journal Square, in particular, is a hot spot within Jersey City that’s growing in popularity due to its ideal location in the heart of one of Jersey City’s business districts.”

The brokerage firm said the corner property was built between 1898 and 1921.

ALSO ON NJBIZ

Inventors who want their products to be ‘Seen on TV’ must first pass eyeball test of Telebrands’ Khubani

EDITORIAL: Repeated leadership missteps are bad for the business of Rutgers

Most-read May 11: NAI James E. Hanson sells five industrial buildings in Meadowlands submarket