A four-story, mixed-use property in Downtown Jersey City’s Powerhouse Arts District sold for $6.25 million. The 16,050-square-foot brick building located at 358-362 Grove Street contains 19 apartments and 3 ground-floor retail spaces. Real estate brokerage Marcus & Millichap handled the sale of the downtown asset.
Marcus & Millichap’s New Jersey team of investment specialists included Devin Perez, Alan Cafiero and Dean Matuszewicz. M&M represented the seller and found a buyer for the Jersey City building.
“Investor interest in Jersey City remains strong, despite ongoing market challenges,” commented M&M’s Perez, associate director of investments. “Multiple competitive offers reflect continued demand for well-located, mixed-use assets in transit-oriented downtown markets.”
Built in 1900, the Grove Street building currently houses retail tenants Jibeichuan Ramen and Chicken & Co. Just steps from the Grove Street PATH station, the property is well-situated for easy commutes into Manhattan. Retailers enjoy the benefit of being right in the middle of Jersey City’s downtown commercial district.
