A property along a prominent stretch of southwest Hoboken has a new owner and has sparked hope for revitalization after years of sitting vacant.
CBRE Tri-State Capital Markets Group has announced the $7.5 million sale of a 13,000-square-foot development site at 511-521 Newark Street. The property is part of the Southwest Redevelopment Plan and was acquired by an undisclosed private developer based in Hudson County.
The property has been a bit of a trouble spot in recent years. Per TapInto, the structures formerly at the site partially collapsed and were deemed unsafe by Hoboken’s Construction Code Official last year. The entirety of the previous buildings were torn down last year, leaving the site mostly vacant.
The previous owner of 511 Newark Street was AIRN Management, formerly Secaucus-based National Realty Investment Advisors. That entity filed for bankruptcy in 2022.
Jersey Digs broke the news about plans for a 32-unit project back in 2019, but the project languished following the AIRN Management’s bankruptcy.
The sale of 511 Newark Street nonetheless represents a new beginning for the property, which was marketed by CBRE by the team of Fahri Ozturk, Richard Gatto, Zach McHale, and Jeff Babikian.
“The closing of 511-521 Newark Street marks another successful sale on behalf of AIRN Management,” said Mr. Ozturk. “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 pre-marketing 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.” added Mr. Gatto.
The 511 Newark Street site is located just steps another property CBRE team is currently marketing in the former Windsor Wax building. The parcel, at 601-619 Newark Street, is fully approved for the construction of 60 residential units and 4,900 square feet of ground floor commercial space including a restaurant with outdoor seating.
