CBRE on Thursday announced the $8.5 million sale of a fully approved development site located at 921-931 Madison St. in Hoboken. The former Water Music Studios was acquired by a private developer based in Hudson County from AIRN Management.
The CBRE team of Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian spearheaded the marketing campaign for the site, which is part of a 450-plus-unit, seven-property portfolio along the New Jersey Gold Coast that CBRE has been appointed to sell on behalf of a court-appointed restructuring management team. The CBRE team also was responsible for procuring the buyer in the transaction.
“We are pleased to close on the first of several transactions on behalf of AIRN Management. 921-931 Madison St.’s ideal location in Hoboken, one of New Jersey’s top residential markets, helped draw significant interest from the development community and allowed us to create a competitive bidding environment for the asset,” Ozturk said.
Gatto added: “Despite the high cost of debt in today’s market, development sites in prime locations remain in strong demand and can act as a bridge to a better economic environment. We were confident from the onset that our process, coupled with this amazing site, would allow us to secure maximum pricing for our client.”
Rick Budd, CEO of AIRN Management, commented: “We are very happy to get the first transaction of the portfolio over the finish line with CBRE. Our management team and CBRE worked in lockstep to navigate both economic headwinds and a corporate restructuring throughout this transaction. CBRE team’s local knowledge, experience and marketing process guided us to make the right decision for our investors.”
The new ownership plans to develop a luxury, 36-unit residential property at the site, which will also include 10,050 square feet of ground floor retail/commercial space.
The site is located steps from the Ninth Street Light Rail Station, which provides direct access to the Hoboken Terminal. It is also situated adjacent to the Hoboken ShopRite, and is within walking distance to Trader Joe’s, CVS, Starbucks, Shake Shack, Chipotle, Carlo’s Bakery, Nike, lululemon and other major retailers.