175 Sip Ave. in Jersey City — Courtesy: HFF
By Joshua Burd
The site of a well-known diner in Jersey City has changed hands, paving the way for potential redevelopment in the city’s newly revitalized Journal Square neighborhood.
Brokers with HFF on Thursday announced the sale of 175 Sip Ave., which spans about two-thirds of an acre at the intersection of John F. Kennedy Blvd. The site is in the heart of Journal Square — the onetime commercial hub of Jersey City that is now home to several high-profile redevelopment projects — and a short walk from the busy Journal Square PATH station.
“There is strong demand for redevelopment sites in Jersey City and this location is well-suited given its immediate access to a major roadway,” said HFF’s Jose Cruz, a senior managing director, who represented the buyer alongside Director Marc Duval.
The Cushman & Wakefield team of Andrew Merin, Robert Knakal, David Bernhaut, Gary Gabriel, Brian Whitmer, Jonathan Hageman, Kyle Schmidt and Ryan Dowd represented the seller.
HFF did not disclose the sale price or the name of the parties involved. But a report by The Jersey Journal noted that the site, the longtime home of the VIP Diner, has zoning that would allow for a residential high-rise of up to 25 stories.
The report cited a source with knowledge of the deal, which said the buyer was a company tied to Peter de Neufville, a businessman and former congressional candidate who owns other properties in the neighborhood.
Developers in Jersey City have turned to Journal Square in recent years as a new frontier in the city’s luxury residential boom, thanks in large part to its PATH station and transit hub. Kushner Real Estate Group is currently building its second of three towers in a project known as Journal Squared, which will bring more than 1,800 new apartments at full build-out.
The neighborhood has also seen new development by Jersey City mainstays Panepinto Properties and Hartz Mountain Industries, which delivered 240 apartments in 2017 at 3 Journal Square.