HOBOKEN, NJ-Work has begun on a 59-unit rental building off 14th Street in Hoboken, in a neighborhood that is seemingly the last available for redevelopment in this community, the developers tell GlobeSt.com.
Argo Real Estate, in partnership with Alpine Development Partners, broke ground earlier this month at 1400 Clinton St., close to the sites of two other rental projects now underway: 35 loft units at 1405 Clinton being built by Larry Bijou, and a much larger project by Advance Realty, the 140-unit Willow14 project.
“We couldn’t be located in a hotter, more active real estate market,” says Joel Herzig of Argo. Herzig says his company will put up a high-end luxury building with ground-floor retail. Ten of the lofts will be designated as live-work units for artists who will be qualified through the city of Hoboken. Herzig says that a gallery or other arts-related user will be sought to occupy the retail space.
Argo obtained a $16 million construction mortgage from Sovereign Bank to finance the project, which will be its first ground-up building project. The company, which has brokerage and property management divisions and operates properties in Manhattan, Queens, the Bronx and New Jersey, has completed several gut-rehab projects, Herzig says.
The Hoboken building’s location offers a 15-minute express-bus commute to Manhattan, says the developer. It is also adjacent to the ongoing 14th Street viaduct rehabilitation project, which will provide a park area and, eventually, a pedestrian overpass to 1400 Clinton Street.
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