The President of GRID Real Estate LLC, Bob Antonicello, announced earlier this week that the two-story industrial property at 56 Baldwin Avenue in Jersey City has been sold to Monticello Equities LLC in a deal brokered by GRID Real Estate and CBRE.
The Class C industrial warehouse was built in the 1920s and has a gross building area of over 15,000 square feet.
Sitting on the corner of Baldwin Avenue and Montgomery Street, the property is a 15-minute walk to Journal Square.
The building, which has been family-owned-and-occupied since the 1920s, will be converted into residential lofts.
“McGinley Square and Bergen Hill have been discovered by value-seeking developers,” said Antonicello.
“We have seen over the last two years, Bergen Hill and McGinley Square move from emerging market to a rapidly transitioning market.
KABR is nearing completion of their 720 Bergen Avenue project and Monticello Equities broke ground in January on the 96-unit, 136 Summit Avenue project.
We are finally seeing the kind of traction in these important neighborhoods community leaders have been working toward for many years.”
Great news, would love to know if there would be any additions built on top of the building.
Nice! Conversion not demolition
Don’t get your hopes up…this is Monticello Equities after all…same company that just knocked down the old Fairmount Hospital to build some futuristic looking building…at least Fulop put the kibosh on the demo permits. I’m sure Monticello Equities is salivating to knock this building down too..
Ay. I love the look of the design. Cant wait to see how it will be once built. I live around the corner from this site you’re referring about. And the commercial space is much needed on Summit avenue.
But this building shouldn’t be knocked down. It’s across the street from the Beacon which was a hospital now condos, and here other buildings with same idea … It all makes sense.
Somebody said during a dinner I was attending that Grid Real must have thrown darts at a map of Jersey City then went out and sold every property the darts landed on. Congrats on all the success. TM
I hope no ‘height’ addition…but a great renovation around this area would be a welcomed ‘addition’ 😉
A few stories on top would be nice. Given how huge the Beacon is across the street plus all other buildings on Montgomery…
2 stories on top MAX, please 🙂
2, 3 on top makes sense there I think.