Kislak sells Hoboken multifamily portfolio for $13.2M

Record price per unit achieved in sale of desirable rental neighborhood

Woodbridge-based the Kislak Co. said Wednesday that it recently sold three contiguous multifamily properties with a total of 21 units in Hoboken for $13.2 million.

Located at 510, 512 and 514 Observer Highway, just minutes from the Hoboken PATH Station, the portfolio was marketed on an exclusive basis by Kislak, with Senior Vice Presidents Robert Squires and Scott Davidovic handling the assignment on behalf of the sellers, which are affiliates of Skylight Real Estate Partners. Squires also procured the purchaser, 510 Observer LLC.

Robert Squires.

“The $628,571 per unit sale price represents one of the highest price per units achieved for a multifamily property in Hoboken,” Squires stated. “The demand for well-maintained apartment buildings is the strongest I’ve seen in my career. The sale of these assets continues to prove that multifamily properties are among the strongest investments.”

Hoboken is part of the New York metropolitan area and is consistently ranked among the strongest and most desirable rental markets in the tristate area.

The properties comprise three, four-story buildings with a total of 21 units. The buildings at 512 and 514 Observer Highway have been fully renovated, and the building at 510 Observer Highway has value-add potential to renovate. Tenants are responsible for heat, hot water and electrical expenses. Penthouse units include private balconies with views of New York City.

The buildings are ideally located a short walk to Washington Street, which is Hoboken’s vibrant and historic commercial center, the Hoboken PATH Station and waterfront.

Known as the Mile Square City in Hudson County, Hoboken sits along the Hudson River and was ranked as the third-most densely populated city in the U.S., with more than 42,400 people per square mile.