The Hudson Tea Parking Facility at 1450 Bloomfield St. in Hoboken — Courtesy: JLL
By Joshua Burd
A busy 1,250-space parking structure in Hoboken has hit the market for sale, with the potential to command a price of around $40 million.
Brokers with JLL are marketing the property, the Hudson Tea Parking Facility, at 1450 Bloomfield St. Located in the city’s northern end, the above-ground garage is surrounded by thousands of apartments and condominiums, while serving a diverse group of users including monthly pass holders, commuters and commercial users.
The eight-story, 389,984-square-foot property was built in 2004.
“Hoboken’s dense and growing population sees more and more cars attempting to park in the same finite 1.275 square mile area,” JLL wrote in its offering materials. “This demand is compounded by Hoboken’s several successful commercial corridors which draw customers from around the region at all hours.”
JLL also noted that, while some residents have access to parking within their buildings and in private garages, most of Hoboken’s more than 57,000 residents have less than 10,000 on-street public parking spaces to work with. There are also only five municipal parking garages with a combined 2,835 spaces.
The brokerage team pointed to Hudson Tea’s proximity to Manhattan, the Lincoln Harbor office complex, Stevens Institute of Technology and other demand generators. The property is also minutes from the Lincoln Tunnel and Hoboken’s 14th Street ferry terminal.
The JLL marketing team includes Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Mark Mahasky and Ryan Robertson.