800 Madison “Avalon”
800 Madison – flipped again! (Now “Avalon”)
Wow, it’s been a few years since we visited 800 Madison on Hoboken411.
If you see below – we had pics from when they were building the foundation!
The property has changed hands a few times (euphemism for “Real State Shell Game.”)
And here’s a quick update.
800 Madison (Once called “Upper Grand,” then called “Halstead,” now called “Avalon”) was acquired about two years by DSF Group for a hefty sum of $110 million dollars.
And earlier this month, it was sold again (for $130 million dollars) to AvalonBay Communities, Inc. – which is a Real Estate Investment Trust (REIT). They have properties in New Jersey, New York, Connecticut, Florida, California, Maryland, Massachusetts, Texas, Virginia and more.
$20 million profit for these types of businesses is probably considered “a wash” if I had to guess.
(Anyone wants let me borrow $100 million for a couple years? I wouldn’t consider $20 mil chump change!)
The broker issued this cookie-cutter statement about the deal:
“Eight Hundred Madison is one of Hoboken’s nicest residential assets and its prime location provides easy access to all parts of the city,” noting the property is well-leased and experiencing rent growth.
“The buyer will benefit all around from both the strength of the Hoboken market and the demand for quality units at the property.”
Dunno – this building has had its share of complaints over the years – perhaps the “new owners” over the years corrected the issues?
And one-bedrooms start at around $3k a month, two-bedrooms between $3,500 and $4,100 – and who knows how much more for a three-bedroom! All in an area that often floods? How do they pull off such magic? Is it the marketing, buzz-words and fancy photos?
Description: “Luxury” rentals.
Address: 800 Madison St., Hoboken, NJ 07030
Ancient updates below…
So much progress has been made!
Still no official entry on the Upper Grand website.
They sure use provocative innuendos in their GIANT advertising banners, don’t they?
Part of Tarragon’s “Upper Grand” development project, construction is well under way over at 800 Madison.
Check out their interactive map of Northwest Hoboken. Neat map, but much of the “park space” they’ve rendered along the light rail seems too good to be true. Are we really going to have that exact space they’ve depicted? We’ve been burned before, and it’d be nice if these parks are publicly accessible and not on top of some roof-tops, like other parks are tying to be.
Click picture to see the map.