Liberty Towers at 33 Hudson St. in Jersey City — Courtesy: HFF
By Joshua Burd
A two-tower, 648-unit apartment complex that helped usher in Jersey City’s transformed skyline has hit the market for sale.
Brokers with HFF have been tapped to arrange the sale of the property, Liberty Towers, which sits at 33 Hudson St. adjacent to the well-known Goldman Sachs tower. Built in 2003, the twin 37-story buildings comprise one of the first luxury apartment properties developed in Jersey City and is still one of the most recognizable on its waterfront, despite the massive construction boom that has followed.
The marketing team hailed the offering as a chance to buy a well-known property within the city, but one that has additional upside for an investor.
“Liberty Towers’ irreplaceable location, top-tier amenity package and unique views grant the property with inherent pricing power, while the ability to upgrade units will increase rental revenue as ownership can mark rents to market,” the brokers wrote in their offering materials. “Liberty Towers is a rare opportunity to acquire a Jersey City trophy asset in an irreplaceable Hudson waterfront location with the ability to capture significant rental premiums through unit renovations.”
HFF noted that the property’s amenities were upgraded in 2015, but that a buyer can unlock additional value by renovating individual apartments. Average rents at the property are 10 to 15 percent below comparable waterfront communities, the brokerage team said, leaving the opportunity to capture monthly rental premiums of $200 or $400.
Liberty Towers, which has views of Lower Manhattan and the Statue of Liberty, also has 23,569 square feet of occupied retail space and six floors of garage parking, the offering said. Meantime, HFF touted the property’s location directly adjacent to the Essex Street light rail station, one block from the Paulus Hook ferry and five blocks from the Exchange Place PATH station.
Existing amenities include a pool and sundeck, fitness center, lounge and clubroom and a golf simulator.
The HFF marketing team includes Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Mark Mahasky and Andrew Scandalios, while Thomas Didio and Matthew Pizzolato make up the financing team.