A fully approved development site in Hoboken has hit the market, with CBRE tapped for the assignment.

CBRE Tri-State Capital Markets Group announced Feb. 8 it is exclusive sales agent for 601-619 Newark St. Previously an industrial site, the parcel is cleared for the construction of 60 luxury residential units, 4,300 square feet of rooftop amenity space, and 4,900 square feet of street-level commercial space (three units) — including a restaurant with 2,000 square feet of outdoor seating.

Senior Vice Presidents Fahri Ozturk and Richard Gatto as well as Vice President Zach McHale are handling marketing and disposition of the property on behalf of a private investor.

Discussing the site, the team pointed to the connectivity of the location in addition to the strength of the Hoboken market.

“This prime development site is located just minutes from the Hoboken Transit Terminal, providing a nine-minute commute via the PATH train to New York City,” Ozturk said.

The seven-story property is approved for 35 one-bedroom, 20 two-bedroom and five three-bedroom units, according to CBRE. With an average size of 887 square feet, half of the residences will feature balconies facing the Manhattan skyline, the commercial real estate services and investment firm added.

A developing area

“Hoboken has, and continues to be, one of the strongest residential markets in the state. The city has seen explosive population growth over the past few years, specifically among millennials, who now make up 50% of the population,” Gatto commented.

The team anticipates strong interest from developers, he added, pointing to the their experience with another Mile Square City property: the recent closing of 921-931 Madison St. Additionally, the group expects to close the sale of a nearby 40-unit development site later this month.

Beyond connectivity to New York City, the area around 601-619 Newark St. has a lot to offer.

“The southwest neighborhood has several exciting new developments including South End Market & Lofts, The Boundary, as well as the $9 million renovation of Southwest Park. Upon completion, the combined projects will completely transform this section of Hoboken,” Ozturk said.

Retail outlets within walking distance of the site include: Target, Trader Joe’s, Acme, CVS, Starbucks, Shake Shack, Chipotle, Carlo’s Bakery, Nike and lululemon.