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The iconic Jersey City property that previously hosted the New York Daily News printing facility has been sold to Goodman Group, according to a recent announcement from DN Property Co. LLC, a partnership between the New DN Co. and Twenty Lake Holdings.
Goodman, a global industrial property and digital infrastructure specialist, plans to redevelop the site into a state-of-the-art, last-mile warehouse facility in line with the company’s global strategy to provide highly productive warehousing solutions for customers in key consumer markets around the world.
With sweeping views of the Statue of Liberty, the 21.7-acre property is located at 125 Theodore Conrad Drive within the iconic Jersey City Gold Coast and Liberty State Park. It served as the location of the New York Daily News printing plant for nearly 30 years.
“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. 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,” Eric Gertler, the chairman of New DN Co., said.
In line with the growing demand for logistics and distribution centers to support the growing digital economy, Goodman will redevelop the site into high productivity warehouses, which customers will be able to have built to suit for their requirements.
Located directly across the Hudson River from Manhattan, the land presents an opportunity to build a warehouse in one of the most sought-after locations in the country. The site offers unparalleled highway access and mobility throughout the Northeast region. It also offers a unique opportunity to fulfill the needs of e-commerce 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. It also provides greater resilience for their supply chains and provides opportunities to be more sustainable,” Anthony Rozic, CEO, North America, for Goodman Group, said. “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.”
The sale was exclusively managed by CBRE’s National Partners team and northern New Jersey office.
For nearly 25 years, New DN Co. was the holding company of Daily News L.P., the publisher of the New York Daily News. DN Property Co. LLC was a partnership between the New DN Co. and Twenty Lake Holdings that owned the property at 125 Theodore Conrad Drive.
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