A private investor is seeking a buyer for a parcel at 601-619 Newark St. in Hoboken that is fully approved for 60 luxury apartments and ground-floor commercial space. — Rendering courtesy: CBRE
By Joshua Burd
A development site in Hoboken is on the market for sale with approvals in place for a seven-story, 60-unit luxury apartment building with street-level retail space.
According to CBRE, which is marketing the property at 601-619 Newark St., the entitlements allow for a 4,300-square-foot rooftop amenity space and three commercial units totaling 4,900-square feet. That includes a 2,000-square-foot restaurant with outdoor seating.
CBRE’s Fahri Ozturk, Richard Gatto and Zach McHale are leading the assignment on behalf of a private investor.
“This prime development site is located just minutes from the Hoboken transit terminal, providing a nine-minute commute via the PATH train to New York City,” Ozturk said. “The southwest neighborhood has several exciting new developments including South End Market & Lofts, The Boundary, as well as the $9 million renovation of Southwest Park. Upon completion, the combined projects will completely transform this section of Hoboken.”
The team noted that plans call for 35 one-bedroom, 20 two-bedroom and five three-bedroom units averaging 887 square feet. In addition to the planned on-site restaurant with outdoor seating, 50 percent of the units in the development will have 88-square-foot balconies facing the Manhattan skyline, while residents will be within walking distance of national retailers such as Target, Trader Joe’s, Acme, CVS, Starbucks and a host of others.
“Hoboken has, and continues to be, one of the strongest residential markets in the state,” Gatto said. “The city has seen explosive population growth over the past few years, specifically among millennials, who now make up 50 percent of the population.”
The brokers recently arranged the sale of another site in Hoboken, at 921-931 Madison St., which is fully approved for 36 luxury rentals. Meantime, they’ve secured a buyer for a 40-unit development site located steps from the Newark Avenue property and are expected to close later this month.
“Similar to our recent closing of 921-931 Madison Street, we anticipate a strong level of interest from developers for this unique opportunity,” Gatto said.
