A 511-521 Newark Street development site in Hoboken sold for $7.5 million, underlining the city’s real estate value.
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- A 13,000-square-foot development site in Hoboken at 511-521 Newark Street has been sold for $7.5 million.
- Previously burdened by bankruptcy and safety concerns, this sale marks a new beginning for the property.
- Managed by CBRE, the sale reflects the strong interest in Hudson County’s development potential.
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$7.5 Million Deal Transforms 511-521 Newark Street
A development site located at 511-521 Newark Street has been sold for a hefty sum of $7.5 million.
This signifies a considerable investment and the potential to revitalize a key area with long-awaited development.
The Sale Marks a New Chapter for Southwest Hoboken
The 13,000-square-foot parcel falls under the Southwest Redevelopment Plan, a comprehensive initiative to breathe new life into one of Hoboken’s key areas.
The acquisition by an undisclosed private developer based in Hudson County highlights the enduring appeal of well-positioned sites in the region for those looking to invest in its future.
Renewal at 511-521 Newark: History & Challenges
Historically, the site at 511-521 Newark Street has been problematic, with buildings that partially collapsed last year and was deemed unsafe.
This led to the demolition of the existing structures, leaving the site mostly vacant. The previous owner, AIRN Management, filed for bankruptcy in 2022, further complicating the property’s future.
Plans for a 32-unit project at 511 Newark Street were announced back in 2019, but progress stalled following the bankruptcy of AIRN Management. This sale, however, signifies a new beginning and the possibility of finally bringing those plans, or perhaps new ones, to fruition.
Strategic Sale Reflects Strong Developer Interest in County
The successful transaction was managed by a skilled CBRE team consisting 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. 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.” said Fahri Ozturk of CBRE.
The marketing strategy involved a customized approach for each property in the portfolio, ensuring a broad pool of potential buyers was reached.
Adjacent to 511 Newark Street is another property currently managed by CBRE, located at 601-619 Newark Street.
This parcel 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, further contributing to the area’s revitalization efforts.
In summary, the sale of the Newark Street development site is a significant milestone for Hoboken, reflecting both the challenges overcome and the exciting possibilities ahead.
With strategic planning and community support, this area is set to become a vibrant part of Hoboken’s urban landscape.
