A Newark Avenue property that has been home to a local business for decades has changed hands and is slated to become Jersey City’s next development site.
GRID Real Estate has announced that an undisclosed local developer has purchased a 12,000-square-foot site at 339 Newark Avenue, which is the longtime home of Monaco Lock. The site, which sits at the foot of Newark Avenue’s Downtown stretch, was sold for $7 million.
Chris Vitiello, Bobby Antonicello Jr., and Gregory Edgell of GRID brought the buyer into the transaction, which they described as “a local developer with a track record in the Jersey City market.” Monaco Lock and the family behind it have been part of Jersey City for generations, operating from Newark Avenue as the surrounding neighborhood grew from a commercial corridor into one of the state’s most active development markets.
“A property like this only works when you put it in front of the right buyer, and that is what our network in this market is built for,” said Chris Vitiello of GRID. “The Monaco name has been on that block for generations, and we were glad to help deliver an outcome the ownership deserved.”
Monaco Lock is still open and will continue to operate out of the property for now. The land falls within Jersey City’s Newark Avenue Downtown Redevelopment Plan, and the stretch has seen a slew of new construction rise in recent years.
An official plan for 339 Newark Avenue has not yet been submitted to Jersey City, whose Planning Board would have to approve an application before any construction or demolition work could begin at the property.
