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Estate Auction

8-Story Building w/ Cell Antennas in Heart of Journal Square

Prime Redevelopment Opportunity Directly Across from Port Authority Transportation Hub

Details:

  • 50 Journal Square (a/k/a John F. Kennedy Blvd), Jersey City, NJ 07306
  • 8-Story Commercial Building
  • Directly Across from Port Authority Transportation Hub (10-Story Tower, Retail Plaza, Bus Station, PATH Station & Two-Level Parking Facility)
  • Adjacent to The Landmark Loew’s Jersey Theatre (Proposed $30-$40 Million Renovation)
  • Heart of Redevelopment District
  • Billboard Advertising Potential on Building Facade
  • 1 Mile from the Holland Tunnel
  • First Floor & Part of Basement Occupied by Tavern on Month-to-Month Basis, Monthly Gross Rental Income is $7,384.84 ($88,618.08 Annually)
  • Rooftop Antennas Generate $7,907.46 in Monthly Gross Rental Income ($94,889.52 Annually)
  • Floors 1 through 8 are 1,714 Sq Ft Each, for a Total of 13,712 Sq Ft Above Grade (All Appx)
  • First Floor Retail has Additional Mezzanine Space & Basement Access
  • Below Grade:
  •    Basement is 1,590 Sq Ft (Appx)
  •    Sub-Basement is 1,393 Sq Ft (Appx)
  • Rooftop Space Available for Use
  • Additional Information:
  • Previously Approved Plans for Luxury Condominiums & First Floor Retail
  • Block: 10601 Lot: 42 (Previously Known as Block: 1863 Lot: N.23)
  • Steel Concrete & Brick Construction
  • Delivered Vacant Except for First Floor Month-to-Month Tenant & Cellular Antennas/Equipment
  • Annual Real Estate Taxes (Land & Building): $28,249.20
  • Annual Real Estate Taxes (Cellular): $14,868.00
  • Real Estate & Cellular Income Offered for Sale in Bulk & Independently
  • Seller Financing Available
  • Cellular Antenna Suggested Opening Bid: $800,000
  • Building (Fee Simple) Suggested Opening Bid: $2,800,000

Inspections/Viewings:  Wednesday, June 3rd & Monday, June 8th from 12:00 noon – 2:30 pm.

Auction Date & Time:  Thursday, June 18th at 11:00 am.  Registration commences at 10:00 am.

Auction Location:  Courtyard Jersey City Newport Marriott, 540 Washington Blvd, Jersey City, NJ 07310.

Terms & Conditions of Sale:  Sold free and clear of all liens, claims & encumbrances.  In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $360,000 to bid in bulk or $80,000 to bid on the Cellular Antenna Leasehold and $280,000 to bid on the Building, made payable to “Maltz Auctions, Inc.”.  Closing must occur within 45 days after the auction. Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional non-refundable 10% deposit.  Subject to sale prior to auction as pre-auction offers will be considered.  Please download the complete Terms and Conditions of Sale.

Buyer’s Premium:  A six percent (6%) Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation:  A two percent (2%) commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

Financing:  Seller shall offer a secured first mortgage to any successful bidder on the property under the following general outline of terms: 50% minimum down payment (plus buyer’s premium), 6% annual interest rate for the first year and 8% annual interest rate for second through fourth years, balloon payment at end of four year term, monthly interest-only payments, personal guarantee, pre-payment penalty of 40% if pre-paid prior to end of third year (seller would incur substantial tax liabilities).

Have Questions? Get In Touch

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David R. Maltz, Auctioneer DCA# 762794
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
The Blau & Berg Company, Licensed NJ Real Estate Brokers
Phone (516) 349-7022  Fax (516) 349-0105

This Property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the Property is made by the Seller, Auction Company or any of their Agents.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the Buyer and/or Buyer’s Broker to determine the accuracy of all components of the sale and Property.    Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.

Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.