Grand Adams at 300 Grand St. in Hoboken — Courtesy: JLL
By Joshua Burd
The owners of a 99-unit multifamily property in Hoboken have listed it for sale, brokers with JLL said, touting its “validated upside potential” in a market with coveted demographics.
Known as Grand Adams, the fully market-rate complex at 300 Grand St. is 97 percent occupied, the marketing team said. Central to that performance is a “stout submarket demographic” within Hoboken, where the average age is 33 and white-collar workers account for 92 percent of the population.
That translates to what JLL described as “significant renovation upside,” noting that prior unit improvements achieved an average of 35 percent return on cost. What’s more, its current owners have spent more than $1 million in the last three years on common area upgrades.
Grand Adams, which has 94 on-site parking spaces, is about six blocks from the city’s Washington Street corridor. The historic loft-style complex is also within walking distance of multiple transit options including NJ Transit bus and rail, PATH, the Hudson-Bergen Light Rail and the Hoboken Ferry with direct access to New York City.
Jose Cruz, Mike Oliver, Elizabeth DeVesty and Austin Pierce lead the listing team with support from senior analysts CJ Anania and Luke Chakonis. The firm’s Thomas E. Didio Jr. and Gerard Quinn, meantime, are available for advisory on financing.
Joint venture buys 99-unit Hoboken property for $57 million, in JLL-brokered deal
