New York City based Sun Equity Partners announced the acquisition of Silk Mill Lofts, a historic commercial complex dedicated to artist-work spaces in Union City, NJ.
The real estate investment and development firm has launched a multi-million dollar capital improvement program to upgrade the exterior, common spaces, building systems, and loft-style studios at the 125,000 s/f property, which occupies a full city block from 39th-40 Street and has served as an artist refuge since the 1990s.
Sun Equity Partners purchased the landmark complex rom Union Management for an undislosed sum 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 percent 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 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 Hoboken-based Lee Levine Architects, 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 ft. 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.
Located at 540 39th Street in Union City, Silk Mill Lofts is minutes from the Lincoln Tunnel, galleries and art centers of Hoboken and Jersey City and the Hudson-Bergen Light Rail.