AIRN Management has recently acquired a prime development site in Hoboken, NJ for $7.5 million. The 13,000-square-foot property is located at 511-521 Newark Street and falls under the Southwest Hoboken Redevelopment Plan, making it an ideal location for residential development.
Leading the marketing campaign were Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE who successfully secured this valuable asset as part of their larger portfolio along the New Jersey Gold Coast comprising over 450 units.
Situated near the highly sought-after Hoboken Transit Terminal and adjacent to another CBRE marketed property at 601-619 Newark Street, this site boasts full approval for a luxury residential complex with 60 units and ground-floor commercial space spanning over 4,900 square feet. This includes a restaurant with outdoor seating area measuring up to approximately2 ,000 square feet.
The sale of this promising development site highlights AIRN Management’s strategic investment approach towards expanding its real estate portfolio in lucrative markets like Hoboken without compromising on quality or potential growth opportunities.
