Path Plaza Condo - Journal Square, Jersey City, NJ
The Path Plaza Condo was an interesting transaction because
there were a number of moving parts. Owned by Mellon Bank the space was
originally built for the Dreyfus Corporation as a disaster recovery
center. The condo is located in the Port Authority of NY and NJ's
Journal Square Center and Terminal. There were 26,000 sq. feet of
technology, raised floors and a data center. It was a unique space
in a unique location.
As a condo, the owner had condo rights of use but not much else. Ultimately a deal satisfactorily was negotiated between the bank and the agency for the use of the space. In order to remove the equipment that was housed in this unit, the deal included the donation of the equipment to local non- profit organizations.
As a condo, the owner had condo rights of use but not much else. Ultimately a deal satisfactorily was negotiated between the bank and the agency for the use of the space. In order to remove the equipment that was housed in this unit, the deal included the donation of the equipment to local non- profit organizations.
