SJP Properties And David Werner Real Estate Acquire Mixed-use Asset In Hoboken For $210M
SOLD
$210,000,000
+ 4
New Jersey
See Similar DealsOffice558,000 SF
Sold 01/25/2022
SOLD
SJP Properties And David Werner Real Estate Acquire Mixed-use Asset In Hoboken For $210M
111 River Street, Hoboken, New Jersey 07030, United States
See Similar DealsOffice558,000 SF
Sold 01/25/2022
+ 4
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$376
Total Square Footage:558,000 SF
Transaction Type:Sale
111 River Street, a mixed-use property located in Hoboken, was recently sold for $210,000,000. The transaction was completed on 01/25/2022.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $210,000,000
- Address: 111 River Street, Hoboken
- Square Footage: 1,500,000
- Price per Square Foot: $140
The buyer of the property was SJP Properties and David Werner Real Estate, while the seller was Veris Residential. The deal was facilitated by Adam Spies, Andy Merin, Ben Lushing, Frank DiTommaso, and David Bernhaut from Cushman & Wakefield.
Players
BUYER
SELLER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,200,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$746,085.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$995,507.14
Annual Debt Service$11,946,085.64
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