65 Euclid Ave. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
A luxury apparel company is relocating to Newark after acquiring a nearly 14,000-square-foot industrial building in the city, following a deal brokered by NAI James E. Hanson.
The company, Montique International Inc., is moving from Brooklyn to its new property at 65 Euclid Ave., NAI Hanson said in a news release. The real estate services firm represented the seller, 65 Euclid Avenue LLC, although it did not disclose the terms of the sale.
NAI Hanson’s Scott Perkins, Chris Todd, Eric Demmers and Russell Verducci handled the assignment. Isaac Newman of Gramercy represented Montique International.
Montique International, a designer and manufacturer of high-end menswear, has been based in Brooklyn since its inception in 1993, NAI Hanson said. The company had been searching for a new location that offered flexibility and ease of access to distribution networks to reach its customers.
Spanning 13,560 square feet, 65 Euclid Ave. features 11,888 square feet of warehouse space, with ceiling heights ranging from 14 to 22 feet, and 1,672 square feet of office space on the second floor, the news release said. The building includes a locker room, cafeteria-style breakroom, security monitoring and access systems, one loading platform with a heavyweight leveler and 10 parking spaces.
The two-story building sits less than a mile from the New Jersey Turnpike with direct access to New York City via the George Washington Bridge and only minutes from Interstate 280 and Route 9.
NAI Hanson said the owner of the building was looking to sell, adding that the current tenant will be exercising an option to terminate its lease early. Montique International will lease the space back to the tenant in the meantime.
“We have seen a large number of businesses relocate from Brooklyn to locations on the west side of the Hudson River,” Perkins said. “Newark is a highly attractive location as it offers great accessibility with highly competitive property prices making it a good time for our client to sell the property and bring a new, growing business to Newark.
“Through our negotiations we were able to facilitate a lease back to the existing tenant to enable the relocation of the current tenant and the new owner.”
