77 Park Ave. in Hoboken — Courtesy: JLL
By Joshua Burd
The owner of a 301-unit apartment building near downtown Hoboken is looking to sell the property, offering what brokers say is strong upside in a coveted location.
JLL is spearheading the listing at 77 Park Ave., which was built in 2000 and renovated in 2014, according to the firm. Located just off Observer Highway, the main corridor leading to the downtown and the busy Hoboken Terminal, the fully market-rate building is 98.3 percent occupied across a mix of floorplans ranging from studios to three-bedroom units, while the city’s ongoing supply constraints have set the stage for sustained rent growth.
“The property’s prime Hoboken location places it just steps from Washington Street, the city’s vibrant main thoroughfare, offering diverse local restaurants, boutique shops and national retailers such as Anthropologie and Nike,” JLL wrote in its offering materials, adding that 77 Park Ave. “offers investors the unique opportunity to acquire a strategically located multi-housing community with value-add upside in one of the most desirable Tri-State
submarkets.”
The firm’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty and Austin Pierce lead the listing team, with support from financing brokers Thomas E. Didio Jr. and Gerard Quinn. They noted that the Hoboken market has maintained impressive historical occupancy, with an average vacancy rate of just 3.3 percent over the past five years, adding that the city has an average household income of $229,483 and a median age of 33.2.
Amenities at 77 Park include a fully equipped fitness center, a third-floor sundeck, a 24-hour on-site laundry facility and a public and transient parking garage that provides additional income
for the property. Renters, meantime, are a five-minute walk from Hoboken Terminal and
PATH service, providing quick access to a 15-minute train ride to Midtown Manhattan.
The building is also less than 10 minutes from the Holland Tunnel and less than 20 minutes from the Lincoln Tunnel.
