Just to add some information to the debate. It looks like a sale from father to son or family to family in the 90's for around for million. This is only to address earlier posts. Just providing info.

Property Detail Report For Property Located At 111 1ST ST, JERSEY CITY NJ 07302-3010

Owner Information: Owner Name: NEW GOLD EQUIT CORP

Mailing Address: 52 VANDERBILT AVE # 1600, NEW YORK NY 10017-3808 C012 C/O BLDG MNGT

Phone Number:

Legal Description: County: HUDSON, NJAPN: 06-00108-0000-0000C

Census Tract / Block: 26.00 / 2

Market Area: Munic/Township: JERSEY CITYNeighbor Code:

Last Market Sale Information: Recording/Sale Date: 09/04/1990 / 08/31/19901st Mtg Amount/Type: / Sale Price: $4,122,000

1st Mtg Int. Rate/Type: / Sale Type: FULL1st Mtg Document #: Document #: 4327-14

Seller Name: OLD GOLD ASSO

Deed Type: Property Characteristics: Gross Area: Parking Type: Construction: Living Area: Garage Area: Heat Type: Tot Adj Area: Garage Capacity: Exterior wall: BRICKAbove Grade:

Fireplace: / Foundation: Quality: # of Stories: 5.00Roof Material: Condition: Other Improvements: Site Information: Zoning:Acres: 1.94County Use: Flood Zone: AELot Area: 84,302State Use: INDUSTRIAL (4B)Flood Panel: 3402230106DLot Width/Depth: 211 x 400Site Influence: Flood Panel Date: 08/16/2006Res/Comm Units: / Sewer Type: Land Use: INDUSTRIAL (NEC)Water Type: Tax Information: Total Value: $3,000,000Assessed Year: 2006Property Tax: $155,250.00Land Value: $1,655,300Improve %: 045%Tax Area: Improvement Value: $1,344,700Tax Year: 2006Tax Exemption: Total Taxable Value: $3,000,000