Hoboken apartment building sells for $70.3M

Greystar Real Estate Partners LLC has acquired Hoboken’s Observer Park for $70.3 million.

“With very little new rental supply in the southeast corner of Hoboken and incredible demand for high-quality apartments in this location, we saw a tremendous opportunity to reposition the property through extensive capital and operational enhancements,” said Chairman and CEO Bob Faith, who founded Greystar. “This acquisition is indicative of Greystar’s continued commitment to acquiring high-quality, well-located assets in high-barrier markets where we are best positioned to add value and improve properties for residents and deliver returns for our investors.”

The 115-unit, multifamily property at 51 Garden St. was built in 1991. The 12-story apartment building was owned by Invesco.

The community sits on a three-story, 141-space public parking deck that currently serves the building and the public.

Existing amenities include fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks coffee, 24-hour laundry, dry cleaning pickup and delivery, and controlled-access lobbies.

The property is two blocks from Hoboken Terminal, offering commuters access to PATH Trains, NJ Transit buses and trains, and the NY Waterway Ferry.

Midtown Manhattan, the World Trade Center and Jersey City are all within a 20-minute commute on the PATH.