HFF closes $263.8M sale of Soho Lofts in Jersey City

Linda Lindner//April 10, 2019

HFF closes $263.8M sale of Soho Lofts in Jersey City

Linda Lindner//April 10, 2019

Soho Lofts in Jersey City. (HFF)

Holliday Fenoglio Fowler LP announced on Wednesday that it closed the $263.8 million sale of Soho Lofts, a 377-unit apartment property in Jersey City.

HFF marketed the property exclusively on behalf of the seller, AEW, and procured the buyer, Mack-Cali Realty Corp., acting on behalf of its growing multi-housing platform Roseland Residential Trust.

Located at 273 16th St. on the border of Jersey City and Hoboken in the expanding “South of Hoboken” neighborhood, the property is immediately adjacent to Interstate 78 and the Holland Tunnel, and is proximate to downtown Hoboken as well as the PATH train, ferry terminal and New Jersey Transit Bus Terminal.

Completed in 2018, Soho Lofts consists of 369 studio through three-bedroom units, as well as eight townhouses, within 13- and 20-story towers connected by four- and seven-story structures.

It also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage.

Units average 1,191 square feet in size with features including kitchens with stainless steel appliances, custom cabinetry and granite countertops; bathrooms with enclosed glass showers, rain showerheads and Carrara tile; expansive windows with views of the Manhattan skyline; 10-foot ceilings; white oak flooring; exposed duct work; and in-unit washers and dryers.

The property includes numerous resort-style amenities, like an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV, cinema room, Zen garden, fitness center, indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private party room, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms.

The HFF investment advisory team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.