85,000-SF building in burgeoning Journal Square neighborhood will be immediately filled with new commercial tenants
Rhodium Capital Advisors, a fully integrated real estate owner, operator, manager and developer in the New York metropolitan area, today announced the $20 million acquisition of an office building located at 600 Pavonia Avenue in Jersey City, N.J. The eight-storybuilding is located in the heart of the city’s Journal Square neighborhood, and serves as a prime example of Rhodium’s unique model of identifying and adding value to properties in rapidly developing areas in and around New York.
“We are pleased to have been able to not only acquire this prime property, but also to have immediately improved its value by securing leases with a diverse mix of new commercial tenants,“ said Daniel Shragaei, Managing Principal of Rhodium Capital Advisors.“This acquisition serves as a testament to Rhodium’s unparalleled ability to identify and reposition buildings in up-and-coming neighborhoods, creating exceptional returns in the process. 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.”
The property, which was closed via Rhodium Capital’s newly launched investment platform, will also undergo approximately $3 million in new capital expenditures and tenant improvements to further expand its value.
“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,” said Shragaei.
Rhodium Capital maintains substantial investments in Jersey City, which is undergoing significant growth due to its extensive access to public transportation and proximity to Manhattan. The building at 600 Pavonia Avenue is located just 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.
Since its inception in 2012, Rhodium has purchased over 100 buildings valued at more than $500 million. It also owns and manages thousands of apartments throughout other emerging neighborhoods in and around New York, including Upper Manhattan, Brooklyn and Yonkers.
About Rhodium Capital Advisors
Rhodium Capital Advisors is a prominent and fully integrated real estate owner, operator, manager, and developer in the New York City metropolitan area, specializing in apartment buildings and commercial properties.Leveraging an acquisition model that accommodates rapid underwriting and prompt closings, Rhodium chooses properties where its expert and efficient management and development team can implement preconceived programs to improve the properties and immediately enhance cash flows and values. A wholly owned subsidiary, Rhodium Management, has a full staff of seasoned property managers, construction and development experts, and financial personnel to run all of Rhodium’s assets, as well as perform management, construction, and development services for other real estate owners.Rhodium currently has thousands of apartments under ownership and management, as well as retail and other commercial properties. It is an active purchaser of prime real estate that fits its criteria, and enjoys a constant pipeline for product from owners and brokers since it has established itself with great credibility in its marketplace.
