A trio of contiguous multifamily properties recently traded in Hoboken for $13.2 million.
The Kislak Co. Inc. announced the sale of 510, 512 and 514 Observer Highway Aug. 3. Altogether, the three four-story buildings total 21 units.
Both 512 and 514 Observer Highway are fully renovated. Kislak highlighted the value-add potential in renovating the remaining building at 510.
The Woodbridge firm marketed the portfolio exclusively. Senior Vice Presidents Robert Squires and Scott Davidovic represented the sellers: 510 Observer Hwy. LLC, 512 Observer Hwy. LLC and 514 Observer Hwy. LLC, which are affiliates of Skylight Real Estate Partners.
Squires also procured the buyer. According to him, the per unit sale price of the portfolio – $628,571 – is one of the highest prices by that metric in the city’s history.
“The demand for well-maintained apartment buildings is the strongest I’ve seen in my career,” he said in a statement. “The sale of these assets continues to prove that multifamily properties are among the strongest investments.”
The properties are minutes from the Hoboken PATH Station and a short walk to Washington Street, the city’s commercial center. The waterfront is also nearby. Penthouse units at the buildings offer private balconies and New York City views.