719 Willow Ave. in Hoboken — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a nine-unit apartment building in Hoboken for nearly $4.6 million, according to a brokerage team with Marcus & Millichap.
The property, 719 Willow Ave., drew interest thanks in large part to its access to the city’s Washington Street retail corridor and Hoboken Terminal, which is less than a mile away. Marcus & Millichap’s Jonathan Zamora represented the seller, which sought to divest the building after what the broker described as challenges with city-related matters.
“Our targeted marketing approach generated strong interest, ultimately creating a bidding war between three buyers,” said Zamora, a first vice president for investments in the firm’s New Jersey office. “This maximized value for the seller and ensured a smooth closing with a noncontingent hard contract, a 45-day timeline, and the deposit released at contract signing.”
In a news release, Marcus added that the property has some 10,300 rentable square feet across its nine residential units and one ground-floor commercial space, a newly renovated laundromat with 60 machines. Parks, schools, restaurants, Stevens Institute of Technology and Hoboken University Medical Center are all nearby.
