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| Soho Lofts is located at 273 16th Street on the border of Jersey City, NJ and Hoboken, NJ in the expanding “South of Hoboken” neighborhood. |
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| Jose Cruz |
MORRISTOWN, NJ, April
10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF)
announces it has closed the $263.8 million sale of Soho Lofts, a
377-unit, luxury apartment property in Jersey City, New Jersey.
HFF marketed the property exclusively on behalf of the seller,
AEW, and procured the buyer, Mack-Cali Realty Corporation, acting on behalf of
Roseland Residential Trust, its growing multi-housing platform.
Soho Lofts is located at 273 16th Street on the
border of Jersey City and Hoboken in the expanding “South of Hoboken”
neighborhood.
The property is immediately adjacent to Interstate 78 and the Holland Tunnel and is proximate to downtown Hoboken, as well as the PATH train, ferry terminal and NJ Transit Bus Terminal.
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| Kevin O'Hearn |
Soho Lofts also includes 17,300 square feet
of ground-floor retail space and a 375-space parking garage.
Units
average 1,191 square feet in size with best-in-class features, including
gourmet kitchens with stainless steel appliances, custom cabinetry and granite
countertops;
bathrooms with
enclosed glass showers, rain showerheads and Carrara tile; expansive windows
with views of the Manhattan skyline; 10-foot ceilings; white oak flooring;
exposed duct work; and in-unit washers and dryers.
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| Michael Oliver |
The property includes numerous resort-style
amenities, including an infinity edge pool, private poolside cabanas, fireside
seating with outdoor TV, cinema room, Zen garden, expansive fitness center,
indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private
party room, arcade lounge with billiards and shuffleboard, tech lounge,
children’s playroom and dog grooming rooms.
The HFF investment advisory team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.
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| Stephen A. Simonelli |
“Investors responded very favorably to this offering, given the
lack of multi-housing opportunities on the waterfront and the building’s
high-quality construction,” Cruz stated. “Core offerings like Soho Lofts
in core locations like Jersey City provide significant future capital
appreciation along with current returns.”
HFF and Holliday GP Corp. ("HFF") are licensed New
Jersey real estate brokers.
About Roseland Residential Trust
Roseland Residential Trust is an owner, manager and
developer of luxury lifestyle-oriented multifamily and mixed-use properties in
select waterfront and transit-oriented markets throughout the Northeast.
A subsidiary of Mack-Cali Realty Corporation,
one of the country's leading real estate investment trusts (REITs), Roseland is
the master developer for several nationally recognized mixed-use destinations,
including Port Imperial, a $3 billion,
200-acre community on the Hudson River Waterfront in New Jersey.
About HFF
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| Mark Mahasky |
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.
HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).
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