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

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:

• Property Type: Development Site
• Transaction Amount: $7,500,000
• SF: 13,000
• PPSF: $577
• Address: 511-521 Newark Street
• Market: Hoboken
• Seller: AIRN Management
• Brokers: Fahri Ozturk, Jeffrey Babikian, Richard Gatto & Zachary McHale - CBRE

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.