Soho Lofts in Jersey City — Courtesy: Manhattan Building Co.
By Joshua Burd
A new 377-unit, luxury apartment property at the border of Jersey City and Hoboken has hit the market for sale.
The developer of the property, Soho Lofts, has tapped brokers with HFF to sell the two-building complex at 273 16th St. in Jersey City. Made up of towers that rise 14 and 21 stories, the site is just south of Hoboken and west of the Holland Tunnel, part of a quickly changing neighborhood just off Interstate 78.
Manhattan Building Co. debuted the first units at the property last fall and has helped lead the effort to transform what was a largely industrial section of Jersey City. According to HFF, the developer is now finalizing its lease-up.
Market experts project that Soho Lofts could sell for around $265 million.
The industrial-inspired property has oversized units that average 1,191 square feet, with 10-foot ceilings, views of Manhattan and condo-style finishes, HFF said. Amenities at Soho Lofts, many of which are within a five-story podium, include a swimming pool with cabanas, fitness center, sauna, outdoor and indoor theaters, game room and conference rooms.
All photos courtesy: Manhattan Building Co.
The brokerage team also noted that the complex has recorded leasing of 45 units per month.
“Opportunity to benefit from substantial rental increases from first generation leases is evident, with recent second-generation leases achieving an average rental increase of (8.32 percent),” HFF wrote in its marketing materials. “The ability to capture considerable rent growth and charge additional tenant fees to increase income will enhance investors’ returns, while also benefiting from the stability of a trophy Jersey City asset.”
Manhattan Building has unveiled the amenities at Soho Lofts over the past year, while also attracting tenants for more than 17,000 square feet of ground-floor retail space. The property off Jersey Avenue follows the developer’s earlier project in the neighborhood, a 387-unit complex known as Cast Iron Lofts, which is just a block away.
HFF’s Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky are leading the marketing team, with Thomas Didio and Matthew Pizzolato overseeing the financing effort.