Margules Properties, a large Manhattan based investment firm has purchased 5 more mixed use buildings in Jersey City.
CEO, Eric Margules has been bullish on Jersey City since 2010 when they bought their first building here. With over 1 million square feet of development rights in their portfolio, Margules is betting big on a Journal Square rebirth. This coming from an early investor in Hell’s Kitchen, the Lower East Side and Chelsea is significant.
The current strategy is to renovate the existing buildings and rent them out to new retail and millennial renters while watching the neighborhood’s revitalization.
Mr. Margules also recently commissioned Jersey City artist Gregory Edgell of Green Villain to paint murals on some of their buildings in an effort to brighten up the streetscape.
Read the full coverage on Globe Street: Margules Expands Jersey City Portfolio