Hoboken still a “hot” Real Estate market apparently
To most people – whether a rental property like The Artisan building at 14th Street between Clinton and Grand Streets gets sold and “changes hands” might not seem like a big deal. But when “big shots” in the Real Estate world like LaSalle Investment Management get involved, it is supposedly a testament to the “strength” of the Hoboken rental market. Read on and see if you agree with that statement…
The Artisan sold for $33.5m – Just five months after leasing commenced
LaSalle Investment Management purchases 59-unit luxury residential development in Hoboken, NJ.
Argo Real Estate and Alpine Development announced this week that The Artisan, a 59-unit luxury residential development located at 1400 Clinton Street and 1440 Grand Street in Hoboken, NJ, has been sold for $33.55 million. The 102,000-square-foot, six-story, mixed-use building is comprised of two separate four-story apartment towers joined by a two-story base retail space. The property was purchased by LaSalle Investment Management in an off-market transaction.
Argo Real Estate, one of New York City’s longest-standing independent real estate companies, partnered with Alpine Development in a joint-venture for the project. They received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing of the 59 luxury residential units in October 2013.
With The Marketing Directors, Inc. as the exclusive marketing and leasing agent for the property, residential units at The Artisan were fully leased within four months.
For more than 60 years Argo has operated a property management, brokerage, and development firm in New York City. The Artisan marked Argo’s first development foray into the New Jersey residential market. Prior to this development, Argo completed several gut-rehabs including 562 West End Avenue.
“LaSalle Investment Management recognized that this development truly brought luxury loft-style living to the Hoboken residential rental market,” said Mark Moskowitz, CEO of Argo Real Estate. “Throughout construction, the entire development team remained dedicated to ensuring that The Artisan offered the highest quality amenities.”
The Artisan features luxury lifestyle amenities, including a state-of-the-art 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 – all within walking distance from area transportation including the Light Rail, NY Waterways Ferry and local bus service.
Loft-style apartments feature soaring 9’4” ceilings, Golden Oak hardwood floors, Pella double-glazed Architect Series windows, in-home washer/dryers and floor to ceiling windows and private roof decks in select homes. Prices range from one-bedroom’s starting in the $2,400’s, two-bedroom’s starting in the $3,200’s, and three-bedroom’s starting in the $4,500’s. Ten of the 59 units are live/work style apartments and a gallery is located on the second base floor with an entryway on the first.
The Artisan is conveniently located near the last express bus stop before Manhattan, making the ride to the city a mere 15 minutes. The development is also adjacent to the 14th Street viaduct beautification project, which will provide green space and pedestrian throughways leading directly to 1400 Clinton Street and 1440 Grand Street upon completion.
Interiors within the residences boast premium custom kitchen finishes and fixtures, including contemporary Modena cabinetry with a custom wine rack, stainless steel pulls and soft close drawers, eggshell Ceasarstone countertops, premium Bosch stainless steel appliances, and polished chrome Kohler fixtures. Spa-like master bathrooms feature contemporary Modena vanity, Lagos Blue Ceasarstone vanity tops and backsplashes, and polished chrome Kohler fixtures.
Argo Real Estate is one of New York City’s longest-standing independent real estate companies. For more than half a century, Argo has set the standard for hands-on, consumer-focused, and ethical service as an owner/manager, third-party manager, and broker. Its portfolio includes residential and commercial holdings in Manhattan, Queens, the Bronx and New Jersey, with 5,500 units owned and managed by Argo, and 6,500 units managed on behalf of condominiums and cooperatives. The firm also specializes in converting buildings and has successfully transitioned numerous residential rentals to cooperatives and condominiums, covering all aspects from design, renovation and sales. Argo and its staff, many of whom have been with the company for decades, maintain a hands-on, client-driven philosophy. Mark Moskowitz leads the firm, which was founded in 1952 by his father Henry Moskowitz (1906-2008). www.argo.com
Alpine Development is led by William Rosato and specializes in high-quality, urban, multi-family developments. Mr. Rosato has over 20 years of experience in planning, designing and building residential developments, and has developed over 1,000 residential units in Hoboken over the past 10 years. www.alpinedevelopment.co
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