HOBOKEN – The Monroe Center is expected to receive a shot in the arm from a new investment group led by Hershy Weiss of Basad Realty. The group recently announced the acquisition of the art and small business hub in midtown Hoboken.
Weiss leads Monroe Investment Group, which announced in a press release that the new ownership group has plans “to execute a comprehensive renovation program” for the center.
The facility has had its own financial troubles in the past, filing for bankruptcy in 2008.
“We are adopting a long-term approach to ownership of the Monroe Center in order to realize the original vision for this property as a vibrant location for artists and the creative class to work alongside emerging and established businesses,” Weiss said.
The renovation program will include upgrades to the lobbies, elevators, and infrastructure as well as façade improvements, according to a release. The new ownership plans to create public art exhibition space featuring rotating works of in-house artists and outside talent, as well as common areas for artists to collaborate with one another with the future vision of creating a larger artisan village, the release said.
The property’s existing theater is expected to be renovated to include new lighting and sound systems, and the house occupancy will be nearly doubled, allowing for a wider variety of performances, according to the release. – Ray Smith