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

921-931 Madison Street
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This Development Site property located in NJ was sold for $8,500,000 3 months ago. The brokers of the deal were Fahri Ozturk, Richard Gatto, Zachary (Zach) McHale, and Jeffrey (Jeff) Babikian

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:

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.

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Deals
  • Location
    921 Madison Street921 Madison Street
  • Sale Price
    $8,500,000$8,500,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    4 Brokers, 1 Agency4 Brokers, 1 Agency

Agents

Jeffrey (Jeff) Babikian

Jeffrey (Jeff) Babikian

Deals2
Sold$14M

Zachary (Zach) McHale

Zachary (Zach) McHale

Deals16
Financed$642.2M

Richard Gatto

Richard Gatto

Deals35
Sold$925.6M

Fahri Ozturk

Fahri Ozturk

Deals35
Sold$925.6M

Agency

CBRE

CBRE

Agency
Deals4191
Volume$181.9B

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Deal Summary

SALE IMAGE: Fahri Ozturk, Jeff Babikian, Richard Gatto & Zachary McHale DATE: 11/16/2023 ADDRESS: 921-931 Madison Street MARKET: Hoboken ASSET TYPE: Development Site SELLER: AIRN Management BROKERS: Fahri Ozturk, Jeff Babikian, Richard Gatto & Zachary McHale (@Zach_McHale) - CBRE (@CBRE) SALE PRICE: $8,500,000 NOTE: AIRN Management sold the former Water Music Studios in Hoboken, NJ, for $8.5 million as part of a larger New Jersey Gold Coast portfolio. The new owner plans to develop a 36-unit luxury residential complex with ground-level commercial space, capitalizing on the site's strategic location near transport links and major retailers.

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921-931 Madison Street

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