Advance Realty, developer of the recently opened Harlow, announced last week their acquisition of The Metropolitan, a residential and retail property at 1300 Clinton Street in Hoboken.
Built in 2000, The Metropolitan contains 128 units split between two parallel, five-story apartment buildings separated by a community courtyard. As part of their strategy, Advance plans to make significant upgrades to the 17-year-old property.
The acquisition of The Metropolitan, which sits adjacent to Harlow, indicates the company’s confidence and commitment to the neighborhood. In addition to their real estate investments, Advance Realty sponsored the creation of the Harlow Winter Village, a pop-up skating rink located underneath the 14th Street Viaduct — an area that, as part of the renovation, recently received a new cobblestoned streetscape with decorative sidewalks and lighting, as well as a new pocket park.
“Our investment in The Metropolitan is an important step in our continued effort to grow Advance Realty’s dedication to Hoboken,” said Peter Cocoziello, president and CEO of Advance Realty. “We love Hoboken, and the acquisition of this beautiful apartment community reflects our commitment to the city. Like Harlow, we view The Metropolitan as a long-term investment.”
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and Directors Michael Oliver and Stephen Simonelli. The HFF debt placement team representing Advance was led by Senior Managing Directors Jon Mikula and Jim Cadranell.