AIRN Management Sells Former Water Music Studios In Hoboken For $8.5M

The former Water Music Studios in Hoboken, NJ, located at 921-931 Madison Street, has been sold by AIRN Management for $8.5 million as part of a larger New Jersey Gold Coast portfolio. The site, which is classified as a development site, will be transformed into a 36-unit luxury residential complex with ground-level commercial space. The strategic location of the property, near transportation links and major retailers, adds to its appeal.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $8,500,000
• Seller: AIRN Management
• Brokers: Fahri Ozturk, Jeff Babikian, Richard Gatto & Zachary McHale - CBRE
• Market: Hoboken

The deal was facilitated by Fahri Ozturk, Jeff Babikian, Richard Gatto, and Zachary McHale, who represented AIRN Management as brokers from CBRE. With the sale, the new owner sees an opportunity to capitalize on the site's prime location and intends to develop a luxury residential complex, taking advantage of the proximity to transportation options and established retailers.