844 Park Ave. in Hoboken — Courtesy: Redwood Realty Advisors
By Joshua Burd
The owner of a two-building, 10-unit apartment property in Hoboken has sold the asset after more than 50 years, brokers with Redwood Realty Advisors said Wednesday.
In a news release, the brokerage firm said a private investor reaped $3.3 million from the sale of the property at 844 Park Ave. Redwood Realty represented both parties in the deal.
“Hoboken continues to see robust demand for quality, prewar multifamily housing,” said Steve Matovski, who headed the assignment for the Hasbrouck Heights-based firm. “In addition, 844 Park Avenue is a well-maintained asset in the heart of Hoboken that offers stable in-place cash-flow with strong rental upside.”
Matovski, a director with Redwood Realty, touted the asset’s location within minutes of mass transit options to Manhattan and steps from Washington Street. The property includes two buildings with a combined 10 apartments, with a mix of one- and two-bedrooms.
The firm noted that the seller had owned and managed the property since the mid-1960s.
“In this case, the long-term owner was able to execute on a sale that maximized value at near peak market pricing,” said Thomas McConnell, managing partner at Redwood Realty Advisors. “Steve and his team really did a great job in marketing the property widely to garner a large pool of bidders.”