HOBOKEN, NJ–The Artisan, a 59-unit rental apartment development here, has traded for $33.6 million in an off-market transaction. Argo Real Estate built the complex as a joint venture with Alpine Development, and sold it to LaSalle Investment Management.
The property at 1400 Clinton Street and 1440 Grand Street is a 102,000-square-foot, six-story, mixed-use building. The development has two four-story apartment towers joined by a two-story base retail space.
The project was begun with a $16 million construction loan from Sovereign Bank in August 2012. Leasing of the residential units began last October.
The Marketing Directors of Manhattan exclusive handled marketing and leasing, which was completed within four months.
Argo has operated a property management, brokerage, and development firm in New York City for more than 60 years, but The Artisan was its first residential project in New Jersey.
Mark Moskowitz, CEO of Argo Real Estate, said that “throughout construction, the entire development team remained dedicated to ensuring that The Artisan offered the highest quality amenities.”
The building has a fitness center; lounge with catering kitchen, business bar, billiards and flat screen television, private courtyard with outdoor seating and fire pit, package room, and an on-site parking garage. The loft-style apartments have high ceilings, hardwood floors and double-glazed windows.
Interiors feature premium finishes and fixtures, including contemporary Modena cabinetry with a custom wine rack, Bosch stainless steel appliances, and Kohler fixtures.
Rents for one-bedroom units start in the $2,400s, for two-bedrooms in the $3,200s, and three-bedrooms in the $4,500s. Ten of the 59 units are live/work style apartments and a gallery is located on the second floor.
The Artisan is located near the last express bus stop before Manhattan, providing a 15-minute commute to Manhattan. The development is also adjacent to the 14th Street viaduct beautification project, which will provide green space and pedestrian walkways leading directly to the complex.
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