CBRE Tri-State Capital Markets Group has been named the exclusive sales agent for a development site located at 601-619 Newark St. in Hoboken, according to a Thursday announcement from the brokerage.
The parcel is fully approved for the construction of 60 luxury residential units, 4,300 square feet of rooftop amenity space and three street-level commercial spaces totaling 4,900 square feet, including a restaurant with 2,000 square feet of outdoor seating.
The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale are exclusively managing the marketing and disposition of the property on behalf of a private investor.
“This prime development site is located just minutes from the Hoboken Transit Terminal, providing a nine-minute commute via the PATH train to New York City,” Ozturk said. “The southwest neighborhood has several exciting new developments including South End Market & Lofts, the Boundary, as well as the $9 million renovation of Southwest Park. Upon completion, the combined projects will completely transform this section of Hoboken.”
“Hoboken has, and continues to be, one of the strongest residential markets in the state. The city has seen explosive population growth over the past few years, specifically among millennials, who now make up 50% of the population,” Gatto added. “Similar to our recent closing of 921-931 Madison St., we anticipate a strong level on interest from developers for this unique opportunity.”
The seven-story property is approved for 35 one-bedroom, 20 two-bedroom and five three-bedroom units, with an average unit size of 887 sq. ft. In addition to the planned on-site restaurant with outdoor seating, 50% of the units in the development will feature 88-square-foot balconies facing the Manhattan skyline. Residents will also be within walking distance from national retailers such as Target, Trader Joe’s, Acme, CVS, Starbucks, Shake Shack, Chipotle, Carlo’s Bakery, Nike and lululemon, among others.
