222 Washington St. in Hoboken — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has purchased a 14,000-square-foot commercial condominium in downtown Hoboken, in a nearly $6.6 million deal arranged by The Kislak Co. Inc.
The brokerage firm represented the seller in the transaction at 222 Washington St. The buyer, which Kislak identified as a repeat client and an existing owner in the city, made the deal as part of a 1031 exchange.
Kislak Senior Vice President Scott Davidovic completed the assignment.
“The seller was the original developer of the property and felt the sale came at the right time due to the relatively low interest rate environment and strong demand for investment properties in Hoboken,” Davidovic said. “The property offered upside in the office rents and potential with the retail space.”
The deal includes some 7,500 square feet of storefront retail space with frontage on Washington Street and another 6,500 square feet of fully occupied office space on the lower level. Baby Gap occupies about 60 percent of the retail space.
Kislak touted its location in Hoboken’s main thoroughfare and four blocks from the city’s busy transit hub.