listen to this articleA fully approved development site in Hoboken has been brought to market and CBRE has been selected for the assignment.
CBRE Tri-State Capital Market Group announced on February 8 that it is the exclusive sales agent for 601-619 Newark Street. Formerly an industrial site, the land includes 60 luxury residential units, 4,300 square feet of rooftop amenity space, and 4,900 square feet of surface commercial space (3 units) – including a restaurant with 2,000 square feet of outdoor seating. .
Senior Vice President Fakhri Ozturk, Senior Vice President Richard Gatto, and Vice President Zach McHale are responsible for marketing and disposition of real estate on behalf of the private investors.
In discussing the location, the team pointed to the strength of the Hoboken market, as well as the location's connectivity.
“This prime development site is located just minutes from the Hoboken Transportation Terminal, with a nine-minute commute to New York City on the PATH train,” Ozturk said.
The seven-story property is approved for construction with 35 one-bedroom units, 20 two-bedroom units and five three-bedroom units, according to CBRE. With an average size of 887 square feet, half of the homes will have balconies facing the Manhattan skyline, the commercial real estate services and investment firm added.
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“Hoboken continues to have one of the strongest housing markets in the state. The city has experienced explosive population growth over the past few years, especially among millennials, who now make up 50% of the population. ''Gatt commented.
He added that the development team expects strong interest from developers, pointing to experience with another Mile Square City property, the recently closed 921-931 Madison Street. It added that the group also plans to complete the sale of a nearby 40-unit development site. Later this month.
In addition to access to New York City, there's a lot to see near 601-619 Newark Street.
“The Southwest neighborhood has some exciting new developments, including South End Market & Lofts, The Boundary, and the $9 million Southwest Park renovation. Once complete, the integrated project will be located in Hoboken. It will completely transform this section of the city,” Ozturk said.
Retail stores within walking distance of the site include Target, Trader Joe's, Acme, CVS, Starbucks, Shake Shack, Chipotle, Carlo's Bakery, Nike, and lululemon.
