Commercial

Urban Edge Properties announced yesterday that it has entered into a $43.7 million contract to purchase Hudson Mall in Jersey City. The property, located on Route 440, spans 383,000 square feet and contains anchor tenants Marshalls, Toys "R" Us, Staples, and Old Navy.

The local watering hole. That spot that makes the best latte. A place to meet up with good company. Outposts like these are what create the fabric of a new neighborhood. In Jersey City's quickly growing Soho West neighborhood, Donovan Realty has worked hard to bring a diverse mix of retail options to the area.

A private investor just plunked down $3.2 million for a 29,577 square foot mixed-use building in Bayonne known as Broadway Plaza. The 5-story building at the corner of Broadway and 22nd Street is comprised of office suites above ground floor retail.

In Hoboken’s north-west corner, a transformation is taking shape. The long industrial area is being reimagined as Hoboken’s go to destination. Collaborations between the City and developers are propelling projects in the area forward.

It’s not just residents moving to Jersey City, companies are moving across the Hudson in droves. Just this week a report came out that four companies are moving over 1,200 jobs to Hudson County. And those are just the big ones that make headlines, many smaller companies are relocating here too.

We’ve all seen the house flipping shows but how about office tower flipping? That’s precisely what happened with this Downtown Jersey City office building that was purchased in 2013 when it was badly damaged by Superstorm Sandy. After extensive renovations, the building has now been resold for a hefty profit.

Crain's New York reports that accounting firm Ernst & Young (now EY) is in negotiations to relocate a large portion of their Time Square office to Hoboken. Sources close to the company say the firm is eyeing 121 River Street in Hoboken.

NYC-based Margules Properties closed last week on yet another property in Jersey City, this one at 2800 Kennedy Boulevard, further adding to their already significant holdings in Journal Square.

Back in February, we reported that the KABR Group and Kushner Companies had closed on the purchase of Warren at Bay. Now after a recent tour, we have a few more details on the vision for the project.

Hoboken City Council held a special meeting to review a modified plan for the long awaited Trader Joe’s coming to the Willow14 development at Willow Street and 14th Street.