By Joshua Burd
AIRN Management has sold a multifamily development site in Hoboken for $7.5 million, in the latest deal involving the former holdings of National Realty Investment Advisors LLC.
Brokers with CBRE on Thursday announced the trade after representing the seller, noting that the tract at 511-521 Newark St. spans 13,000 square feet and is within walking distance of the Hoboken Transit Terminal. A private developer based in Hudson County purchased the property, although its plans for were not immediately clear.
CBRE’s Fahri Ozturk, Richard Gatto and Zach McHale, as well as the firm’s Jeff Babikian completed the assignment and procured the buyer. The property is part of a seven-property portfolio spanning more than 450 units along the Gold Coast that the team is selling on behalf of a court-appointed restructuring manager, which is liquidating the assets after Secaucus-based NRIA filed for Chapter 11 bankruptcy protection in 2022.
The filing came months before the Securities and Exchange Commission charged the firm and four of its former executives with running a Ponzi-like scheme that raised roughly $600 million from about 2,000 investors. On Tuesday, federal prosecutors announced that NRIA’s “shadow chief executive officer” admitted to orchestrating the fraud.
“The closing of 511-521 Newark Street marks another successful sale on behalf of AIRN Management,” Ozturk said. “Each and every deal to date has been unique in their own way. The underlying theme is that high-quality, well-located sites in Hudson County remain of strong interest for developers.”
To date, the CBRE team has closed on more than $21 million in transactions for the seller in Hudson County. The latest property is part of the Southwest Hoboken Redevelopment Plan area.
“While engaging in pre-marketing strategy discussions with the seller, we created customized marketing plans for each property in the portfolio, allowing us to target and uncover a significant pool of potential buyers,” Gatto said.
The site is also steps from a development tract at 601-619 Newark St., which the CBRE team is currently marketing on behalf of a different seller with approvals in place for 60 luxury residential units and 4,900 square feet of ground-floor commercial space.
