600 Pavonia Ave. in Jersey City — Courtesy: Rhodium Capital Advisors
By Joshua Burd
A New York-based firm has acquired an eight-story office building in Jersey City, seeking to capture a value-add opportunity in the city’s growing Journal Square neighborhood.
The firm, Rhodium Capital Advisors, purchased 600 Pavonia Ave. for $20 million. It did not name the seller, but said it closed the deal through its newly launched investment platform and will launch some $3 million in upgrades to expand the property’s value.
In the process, a company executive said Rhodium immediately inked leases “with a diverse mix of new commercial tenants” at the 85,000-square-foot property.
“By leveraging our vast experience and relationships across both real estate and finance, we expect to execute similar value-add strategies at additional properties in Jersey City and other emerging corners of the New York Metro area,” Daniel Shragaei, managing principal of Rhodium Capital Advisors, said in a prepared statement. “We are tremendously excited to have facilitated the deal on our new investment platform, which streamlined much of the process toward closing.
“We look forward to leveraging this innovative technology to add even more efficiency to our unique investment model.”
Rhodium Capital, which describes itself as a fully integrated real estate owner, operator, manager and developer in the New York metro area, said it “maintains substantial investments” in Jersey City. Its latest acquisition is steps from the Journal Square PATH station and is surrounded by billions of dollars in ongoing development, including many residential towers that will add more than 5,000 apartments to the area in the coming years.
The firm has purchased more than 100 buildings valued in excess of $500 million since its inception in 2012, according to a news release. It also owns and manages thousands of apartments throughout other emerging neighborhoods in and around New York, including Upper Manhattan, Brooklyn and Yonkers.
