Sun Equity Partners announced today the acquisition of Silk Mill Lofts, a historic commercial complex dedicated to artist-work spaces in Union City, NJ just minutes from Manhattan.
The New York City-based real estate investment and development firm immediately initiated a multi-million dollar capital improvement program to upgrade the exterior, common spaces, building systems, and loft-style studios at the 125,000 sq.-ft. property, which occupies a full city block from 39th-40 Street and has served as a flourishing New York metropolitan artist refuge since the 1990s.
Sun Equity Partners purchased the landmark complex with the intent of providing existing tenants improved work environments and attracting new artists and commercial users from Hudson County, New York City and beyond, according to Abe Tress, the company’s Director of Operations. Silk Mill Lofts is currently 55% occupied by practicing artists and creatives involved in visual arts, photography, sculpture, painting, glass works and more.
“The arts have long been an important part of the fabric of Union City and Hudson County, but finding appropriate work space continues to be a struggle,” said Mr. Tress. “Silk Mill Lofts’ soaring spaces, large windows, natural light and spectacular views of the Manhattan skyline, as well as the historic charm stemming from the brick exteriors and towering smokestacks, provide the perfect ambiance for creative work. With some strategic upgrades, the property will anchor the area’s growing arts scene by attracting new tenants from both sides of the river, as well as provide unique loft spaces for office leaseholders.”
Sun Equity Partners retained renowned Hoboken-based Lee Levine Architects, an expert in space planning and interior and building design and a specialist in sensitive alterations of landmark and historic structures, to work on the renovation project.
Originally built in 1874 as home to the R. H. Simon Silk Mill, the 1.33-acre property consists of seven brick buildings of varying heights connected by courtyards that are traversed by bridges, walkways and corridors. Interiors feature 13’ to 16’ loft ceilings and industrial windows to provide the right amount of space, natural light and ambiance artists need to be at their creative best. There are also freight elevators to accommodate the transfer of large materials and works.
Tucked away in the Union Hill section of Union City at 540 39th Street, Silk Mill Lofts is ideally located minutes from the Lincoln Tunnel with easy access to New York City’s world renowned arts and culture scene. The galleries and art centers of Hoboken and Jersey City are also nearby and accessible via the Hudson-Bergen Light Rail and New Jersey Transit Busses.Related Articles: