66 York St. in Jersey City — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group has acquired a more than 28,000-square-foot medical office building in Jersey City for $7.43 million, in a newly announced deal by Cushman & Wakefield.
Brokers with the firm listed the five-story property at 66 York St., touting its value-add potential and the appeal of a location that is a short walk from the Exchange Place PATH station and NY Waterway’s Paulus Hook Terminal. Its new owner, RACIV Corp, will now look to capture that upside in an area that’s part of the historic Paulus Hook neighborhood and two blocks from the Hudson River.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri spearheaded the assignment on behalf of 66 York LLC, the seller of the 28,273-square-foot building.
“The success of this transaction underscores the growing demand for boutique medical office assets, particularly in transformative, high-density urban environments like Jersey City,” Schwartz said. “66 York Street is 100 percent leased. The new owners will also be able to add value, by converting the remaining traditional office space into high-end medical office suites with the upcoming lease rollovers.”
