A property that dates to the 17th century could be undergoing big changes as a historic home in Jersey City’s Journal Square neighborhood has changed hands following an auction.
Jersey Digs first reported earlier this year on the imminent sale of Summit House, located at 510 Summit Avenue. Dating back to 1690, the 6,800-square-foot building is one of the few remaining structures from the 17th century still standing in Hudson County.
The property, which has been vacant for many years, was sold through a competitive Ten-X auction for $2.4 million to a local undisclosed buyer. Bidding for the home opened at $350,000 before climbing to its final sale price.
Originally built by Dutch settler Mattheus Cornelissen Newkirk, the property was once known as the Newkirk House. After two centuries of ownership by the Newkirk family, it was sold in 1889 and served many purposes that included a childcare center, a tailor shop, a tavern, and a series of restaurants.
It was officially added to the New Jersey Register of Historic Places in 1979 and became known as the Summit House restaurant, which served eclectic American fare. A succession of restaurants occupied the spot including Blue Ribbon (seafood), Laico’s at the Summit House (Italian) and finally Sanai’s (Caribbean), which was owned by Jersey City native and former NBA star Terry Dehere.
Bobby Antonicello Jr. and Andrew Crisara of GRID Commercial Real Estate led the marketing campaign and auction strategy for the listing, with the sale conducted on the Ten-X platform from May 5th to 7th.
“This is one of the last opportunities to own a building with this kind of historic significance in such a prime location,” said Bobby Antonicello Jr., Owner and Manager of GRID. “There’s nothing else like it in Journal Square.”
The property was previously owned by Derek Weissman of Procida Funding Advisors, who held the asset prior to bringing it to market. Any plans in motion from the new buyer of Summit House have yet to emerge.
The location of the property offers immense potential, as the Journal Square neighborhood has boomed in recent years. Future plans for the immediate area around Summit House include a 42-story tower next door at 500 Summit Avenue and a proposal to bring twin 25-story buildings with over 700 apartments at a former DMV site a few blocks away.
