202-204 Hudson St. in Hoboken — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired 13 apartments and two retail spaces in downtown Hoboken, in a $6.1 million deal arranged by Marcus & Millichap.
Brokers with the firm represented an undisclosed seller in the transaction at 202-204 Hudson St., which spans 11,120 square feet and is less than a quarter-mile from Hoboken Terminal. They also procured the buyer, noting that the offering drew a significant response despite the current economic uncertainty.
“Hoboken remains a highly desirable market for investors despite the challenging debt environment,” Marcus & Millichap’s Devin Perez said. “Location, national retailers and strong apartment rental demand have helped sustain values in town.
“When we brought the property to market, interest rates were still moving targets, and our team was able to produce over a dozen offers despite the turbulent market. Ultimately, the seller chose the most qualified buyer with the best terms at full price.”
Perez, Brent Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, completed the assignment. They noted that the property’s two ground-floor retail units are home to Jersey Mike’s and J & J Body Works.
