CBRE Tri-State Capital Markets Group on Thursday announced the $7.5 million sale of a 13,000-square-foot development site located at 511-521 Newark St. in Hoboken. The site, which is within walking distance to the Hoboken Transit Terminal, is part of the Southwest Hoboken Redevelopment Plan and is an ideal candidate for a residential development.
The property was acquired by a private developer based in Hudson County from AIRN Management. This is the third sale CBRE completed on behalf of the seller. The team was also responsible for procuring the buyer in the transaction.
Fahri Ozturk, Richard Gatto and Zach McHale, as well as 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. To-date, the team has closed on over $21 million in transactions for the seller in Hudson County.
“The closing of 511-521 Newark St. marks another successful sale on behalf of AIRN Management,” Ozturk said. “Each and every deal to-date has been unique in their own way. The underlying theme is that high-quality, well-located sites in Hudson County remain of strong interest for developers.”
“While engaging in premarketing strategy discussions with the seller, we created customized marketing plans for each property in the portfolio, allowing us to target and uncover a significant pool of potential buyers.” Gatto said.
