1000 Jefferson at 1000 Jefferson St. and 1001 Madison St. in Hoboken — Courtesy: JLL
By Joshua Burd
The owner of a luxury rental property in Hoboken has listed it for sale, having renovated more than three-quarters of its 217 units to provide a template for potential investors.
That’s according to JLL, which represents the would-be seller of what’s known as 1000 Jefferson. The firm noted that the six-story property, which was built in 2007, is nearly 95 percent occupied thanks in part to its easy access to transit options such NJ Transit bus and rail, PATH, Hudson-Bergen Light Rail and ferry service, adding to its appeal for the city’s renter-heavy population.
JLL’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Austin Pierce and Luke Chakonis lead the listing team with support from debt brokers Thomas E. Didio and Gerard Quinn, touting the building’s “proven renovation program” that is 81 percent complete. That provides future upside on remaining units, the firm said, noting that new lease trade-out over the past three months has averaged 8.1 percent and 6.2 percent over the prior month.
With a mix of one-, two- and three-bedroom homes, the fully market-rate property at 1000 Jefferson St. and 1001 Madison St. has an average unit size of 960 square feet, the firm said. That equates to 208,271 square feet of residential space, while the building also has 1,317 square feet of retail space that is leased to Kangaroo Mobile and Jefferson Coffee.
Other features include bike storage, a community lounge, an outdoor pool and a rooftop lounge, among other amenities. The site also includes 217 parking spaces in a covered garage.
