Three contiguous multifamily properties were recently sold in Hoboken, New Jersey, for $13,200,000.
The properties are located at 510, 512, and 514 Observer Highway, with 512 and 514 Observer Highway being fully renovated. The sale totaled 21 units across three, four-story properties with the penthouse units containing private balconies that provide views of New York City. The residences are situated near the Hoboken PATH Station and waterfront, offering easy access to New York City.
The portfolio was marketed by The Kislak Company Inc. on an exclusive basis. Kislak’s senior vice presidents Robert Squires and Scott Davidovic handled the assignment on behalf of the sellers, 510 Observer Hwy., LLC; 512 Observer Hwy., LLC and 514 Observer Hwy., LLC; which are affiliates of Skylight Real Estate Partners. The purchaser, 510 Observer LLC, was also acquired by Mr. Squires.
Mr. Squires commented, “The $628,571 per unit sale price represents one of the highest price per units achieved for a multifamily property in Hoboken. 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.”