106 Willow Ave. in Hoboken — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor in Hoboken has purchased a vacant apartment building with redevelopment potential, paying nearly $2.2 million in a deal arranged by Marcus & Millichap.
According to a news release, the 6,400-square-foot brick structure occupies a 2,500-square-foot lot and is configured for eight one-bedroom units. It also offers what the listing team described as redevelopment and potential expansion, touting its location four blocks from the Washington Street retail corridor and within walking distance of the Hoboken PATH station.
Marcus & Millichap’s Devin Perez, Alan Cafiero and Dean Matuszewicz represented the seller of the four-story property. They also procured the buyer in the $2.175 million deal.
“With its underlying fundamentals and walkable retail base, Hoboken continues to attract strong interest from the investment community throughout the tristate area,” said Perez, an associate director for investments. “We partnered with the Ten-X auction platform and generated significant activity on this vacant eight-unit building, ultimately securing an all-cash buyer within two weeks of marketing the property.”
