A former industrial property in Hoboken’s southwest neighborhood has been listed for sale with an approved plan to bring a 60-unit mixed-use development to the site.
CBRE Tri-State Capital Markets Group has been named the exclusive sales agent for a cluster of properties at 601-619 Newark Street. The parcels are fully approved for the construction of 60 luxury residential units, a 4,300 square foot roof top amenity space and three street-level commercial spaces.
The land is currently home to a few empty buildings, the most prominent of which dates to the 1930s and housed the Windsor Wax Company.
The current proposal, designed for MVMK Architecture + Design, calls for the ground-up construction to rise seven stories and include the name Windsor Wax on the front of the new building as a nod to the area’s history.
Jersey Digs has been covering the project since 2019, with plans for the current proposal moving forward in 2022. The approved plan incorporates 40 parking spaces to be accessed by a hydraulic car elevator via a service road that would be built abutting nearby train tracks.
The ground floor of the property would include an 800-square foot gym for residents plus 4,290 square feet of indoor retail space split between three storefronts. The rear of the development would sport a 2,015-square foot covered plaza behind two of the building’s retail spaces plus a temporary 2,625 paver area along the Jersey City border.
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,” said Ozturk of CBRE. “The southwest neighborhood has several exciting new developments including Southwest Market, The Boundary, as well as the $9 million expansion of Southwest Park.
The currently approved plan calls for 35 one bedroom, 20 two bedroom, and five three bedroom units, with an average unit size 887 square feet. The plan also calls for an on-site restaurant with outdoor seating.
“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,” added Mr. Gatto.
