Columbus Park Apartments at 1024 Clinton St. in Hoboken — Courtesy: HFF
By Joshua Burd
An investment group has made its first foray into Hoboken, acquiring a 37-unit uptown apartment building from a longtime family owner.
The buyer, a partnership known as Spirit Bascom Ventures LLC, announced that it paid $17.65 million for the property at 1024 Clinton St. The new owners now plan to reposition the building, which is between 10th and 11th streets near Columbus Square Park.
HFF Senior Director Steve Simonelli, Managing Director Kevin O’Hearn, Senior Managing Director Jose Cruz and Senior Director Michael Oliver represented the seller, working in conjunction with James Giaccio and Kevin Helinski of The Chelsea Group.
Jamie Leachman and Michael Klein of HFF arranged the acquisition financing through CIT Group.
“The strength of the Hoboken rental market continues to attract aggressive capital,” Simonelli said. “The property was highly sought after due to the irreplaceable location along with clear upside in the rents.”
The eight-story former warehouse facility was converted to multifamily use in the early 1990s and includes a standalone townhome and a 37-space parking structure, according to HFF and Spirit Bascom. Many of the units feature loft-style ceiling heights, Manhattan skyline views and brick and timber accents.
Spirit Bascom is a partnership between Irvine, California-based The Bascom Group LLC and Stamford, Connecticut-based Spirit Investment Partners LLC. The acquisition is the venture’s second in partnership with a prominent Middle Eastern family office and its first in Hoboken.
“We’re excited to make our first acquisition in Hoboken,” said David Nachman, a principal of Spirit Investment Partners. “We see it as a market that is positioned favorably from a pricing standpoint to receive many residents unwilling or unable to pay top Manhattan rents.”
The investment group touted the building’s proximity to Washington Street, the Hudson River walkway and public transit options. The partnership has added more than $500 million worth of what it says are neglected, mixed-used assets in the greater New York City area that can benefit from similar high-end renovations.
“The asset has been neglected for decades,” said Scott Zwilling, principal of Spirit Investment Partners. “Our business plan for this property is to deliver an institutional quality experience at a more approachable price point to new construction.”
