By Joshua Burd
Goodman Group has acquired the longtime site of the New York Daily News’ printing plant in Jersey City, with plans to repurpose or redevelop the complex as modern industrial space.
The sellers, a partnership between the New DN Company and Twenty Lake Holdings, announced last deal last week while noting that the property at 125 Theodore Conrad Drive presents a development opportunity in one of the nation’s most sought-after locations for warehouses. Goodman, which is based in Irvine, California, aims to build what it described as last-mile warehouses on the 21.7-acre parcel, adding that customers will be able to have facilities “built to suit for their requirements.”
The three-building complex spans 464,400 square feet, a Goodman spokesman said, adding that the firm is “currently determining the best use for the property given current market conditions.” CBRE’s National Partners team and northern New Jersey office brokered the transaction, the terms of which were not disclosed, although CoStar reported that the property traded for $100 million.
“While the sale of the New York Daily News almost seven years ago, after our stewardship of nearly 25 years, remains bittersweet, we are pleased that the land will be transformed into a modern warehouse and will support the economic development of the local economy,” said Eric Gertler, the chairman of New DN Company. “The redevelopment project not only preserves a piece of the area’s heritage, but also propels it into a future dominated by digital commerce and logistics efficiency.”
Goodman’s project would revitalize a site that served as the Daily News printing hub for nearly 30 years. Both parties in the deal noted that it has sweeping views of the Statue of Liberty and is directly across the Hudson River from Manhattan. It expects the new space to cater to the needs of ecommerce or logistics companies looking to leverage the strategic location, including significant trailer parking availability.
“The proximity of this site to the millions of residents in and around New York City helps our customers meet rising delivery and service expectations,” Goodman North America CEO Anthony Rozic said. “It also provides greater resilience for their supply chains and provides opportunities to be more sustainable. We are enthusiastic about the northern New Jersey market, which remains robust in terms of the underlying demand for modern warehousing and distribution space, and are actively pursuing additional acquisition and development opportunities there.”
