FLORHAM PARK, NJ – HFF announced today that it has closed the partial sale of 333 River Street (top left photo), a 526-unit, Class A multi-housing community with 56,723 square feet of ground floor retail space in Hoboken, New Jersey.HFF marketed the property on behalf of the seller, Starwood Capital Group Global.
Applied Development Company purchased the 10 percent interest in the property for $10 million. With this purchase, Applied now owns the entire building.
333 River Street is located along the Hudson River Gold Coast in Hoboken, adjacent to Frank Sinatra Park (top right photo) and the new W Hotel, and within walking distance to the Washington Street retail/entertainment area and the Hoboken Terminal providing Path train, NJ Transit and NY Waterway ferry service to Manhattan.
Completed in 2002, the property has studio, one-, two- and three-bedroom units averaging 923 square feet each.
Community amenities include 24-hour concierge service, a fitness center, private screening room and lounge, billiards room, rooftop putting green and two children’s play areas. 333 River Street’s retail tenants include Fresh Ideas by Kings (grocer), Valley National Bank, 3 Forty Grill, Trinity, The Quays, CORT Furniture, Beyond Basic Learning and LA Boxing.
The HFF team representing Starwood Capital Group Global included senior managing directors Jose Cruz (middle left photo) and Andrew Scandalios (lower right photo) and directors Jeffrey Julien and Kevin O’Hearn.
“333 River Street has a tremendous location with views of the Hudson River, New York Harbor and the Manhattan skyline, and is situated within a supply constrained market with lack of new product thereby ensuring long-term success,” said Cruz.
“Applied has completed their ownership with this last installment purchase,” added Cruz.
Contacts:
Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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