510, 512 and 514 Observer Highway in Hoboken — Courtesy: The Kislak Co. Inc.
By Tina Traster
An investment group has sold a three-building, 21-unit multifamily portfolio in Hoboken for $13.2 million, according to a brokerage team with The Kislak Co. Inc.
Located at 510, 512 and 514 Observer Highway, the properties are minutes from the Hoboken PATH Station, which provides direct train service to and from New York City. Kislak senior vice presidents Robert Squires and Scott Davidovic represented the sellers, 510 Observer Hwy. LLC, 512 Observer Hwy. LLC and 514 Observer Hwy. LLC, which are affiliates of Skylight Real Estate Partners.
Squires also procured the buyer, 510 Observer LLC.
“The $628,571-per-unit sale price represents one of the highest price per units achieved for a multifamily property in Hoboken,” Squires said. “The demand for well-maintained apartment buildings is the strongest I’ve seen in my career. The sale of these assets continues to prove that multifamily properties are among the strongest investments.”
In a news release, Kislak said each property is four stories, adding that 512 and 514 Observer have been fully renovated, while there is value-add potential to do so at 510 Observer. Penthouse units include private balconies with views of New York City.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.