HOBOKEN, NJ-Applied Development has acquired the 10% it did not own of 333 River Street, a 526-unit multifamily community and retail complex here, for $10 million, says HFF, which marketed the property for seller Starwood Capital Group Global. Applied now owns the entire building, which also includes 56,723 square feet of ground floor retail space, including Fresh Ideas by Kings, Valley National Bank, 3 Forty Grill and CORT Furniture.
“Apartments in New Jersey are in very high demand right now,” Jose Cruz, a HFF senior managing director, tells GlobeSt.com. Also representing Starwood were HFF senior managing director Andrew Scandalios, and directors Jeffrey Julien and Kevin O’Hearn.
But demand far outstrips the supply. A 3,500-square-foot building in Hoboken is on the market for $1.2 million, according to LoopNet. “Along the waterfront, opportunities are rare, and in Hoboken, it’s the rarest,” Cruz says.
Completed in 2002, 333 River Street is located on the Hudson River waterfront, adjacent to Frank Sinatra Park and the new W hotel. Applied and a Starwood joint venture co-developed the property, and Applied previously acquired 80% of Starwood’s half share. When Starwood decided to sell its remaining interest, Applied was immediately interested.
The building features studio, one-, two- and three bedroom units, and luxury amenities including 24-hour concierge service, a fitness center, private screening room and lounge, billiards room, rooftop putting green and two children’s play areas. Rents range from $2,155 monthly for a studio to $5,350 monthly for a three-bedroom apartment.
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