HOBOKEN, NJ—A 14,000-square-foot commercial condominium at 222 Washington Street in Hoboken, NJ, traded for $6.565 million in an all-cash Section 1031 exchange brokered by The Kislak Company.
Kislak marketed the portfolio on an exclusive basis. Senior vice president Scott Davidovic represented the seller and procured the purchaser, a longtime client with significant holdings in Hoboken and elsewhere in Hudson County.
“The seller was the original developer of the property and felt the sale came at the right time due to the relatively low interest rate environment and strong demand for investment properties in Hoboken,” says Davidovic. “The property offered upside in the office rents and potential with the retail space.”
The premier commercial condominium consists of approximately 7,500-square feet of storefront retail space with frontage on Washington Street and another 6,500-square-feet of fully occupied office space on the lower level. Baby Gap occupies approximately 60 percent of the retail space.
Washington Street is the principal commercial and retail thoroughfare in Hoboken. The property is four blocks from the Hoboken Terminal, one of the New York metropolitan area's major transportation hubs. The location is surrounded by many national and local retailers including Chipotle, CVS, McDonalds, Starbucks and Walgreens.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
