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.”