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511-521 Newark Street
SOLD

Private Developer Acquires Development Site In Hoboken For $7.5M Via CBRE's Representation

511-521 Newark Street

Development Site
26,000 SF
clock iconSold 116 days ago
Jeffrey (Jeff) Babikian
Zachary (Zach) McHale
Richard Gatto
+ 2
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Summary

Sale
NEW JERSEY
Development Site
26,000 sqft

The 13,000-square-foot development site located at 511-521 Newark Street in Hoboken was sold for $7.5 million. The property, part of the Southwest Hoboken Redevelopment Plan, is considered an ideal residential development candidate. The transaction was completed by CBRE Tri-State Capital Markets Group, with a private Hudson County-based developer acquiring the property from AIRN Management. This sale is part of a larger portfolio sale along the New Jersey Gold Coast, totaling over $21 million in transactions.

Summary of transaction details:

The sale was facilitated by CBRE, marking their third successful transaction for the seller. The seller, AIRN Management, continues to show strong activity in the real estate market, particularly within the New Jersey Gold Coast area. The brokers involved in the deal, including Fahri Ozturk, Jeffrey Babikian, Richard Gatto, and Zachary McHale from CBRE, played a critical role in ensuring the successful completion of the transaction.

Players

  • All

    5

  • Agents

    4

  • Agencies

    1

Jeffrey (Jeff) Babikian's profile picture
Jeffrey (Jeff) Babikian
CBRE-image
$21.5M Sold
Fahri Ozturk's profile picture

Details

Deal Summary
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SOLD
IMAGE: Fahri Ozturk, Jeffrey Babikian, Richard Gatto & Zachary McHale DATE: 02/29/2024 ADDRESS: 511-521 Newark Street MARKET: Hoboken ASSET TYPE: Development Site SELLER: AIRN Management BROKERS: Fahri Ozturk, Jeffrey Babikian, Richard Gatto & Zachary McHale (@Zach_McHale) - CBRE (@CBRE) SALE PRICE: $7,500,000 SF: 13,000 ~ PPSF: $577 NOTE: CBRE Tri-State Capital Markets Group announced the $7.5 million sale of a 13,000-square-foot development site at 511-521 Newark St. in Hoboken, part of the Southwest Hoboken Redevelopment Plan and an ideal residential development candidate. A private Hudson County-based developer acquired the property from AIRN Management, marking CBRE's third successful sale for the seller as part of a larger portfolio sale along the New Jersey Gold Coast, totaling over $21 million in transactions.

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Address511-521 Newark Street

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