The Waterfront Corporate Center in Hoboken. – CUSHMAN & WAKEFIELD
Faropoint is taking up residence at Waterfront Corporate Center I in Hoboken.
Cushman & Wakefield said Feb. 24 it arranged a 18,603-square-foot lease for the data-driven industrial real estate asset manager on the 10th floor of 111 River St. Executive Director David DeMatteis and Senior Director Mina Shehata represented the tenant in the transaction.
At 14 stories and 566,215 square feet, Waterfront Corporate Center I features both office and retail space and is part of an overall three-building, 1.5 million-square-foot complex.
According to DeMatteis, the site was “a perfect fit for Faropoint as they continue to expand their New Jersey footprint.”
The percentage of total 2022 activity represented by Class A leasing as the flight-to-quality amped up, according to Cushman & Wakefield.
Waterfront Corporate Center I features on-site dining options, a fitness center and 180-degree views of the New York City skyline.
“Situated on the Hoboken waterfront, the property provides exceptional Hoboken terminal transit access along with high-performing and efficient workspace,” DeMatteis said of the Class A building.
Federal Realty Investment Trust acquired a retail building situated in Hoboken’s main business district, along Washington Street.
The corner-lot property at 301 Washington St. – formerly home to and owned by Capital Bank – sold for $9 million, Pierson Commercial announced Dec. 19.
The Marlboro-based commercial real estate brokerage and advisory firm’s Hudson County market expert Robert Mackowski represented Federal Realty Investment Trust in the transaction with Capital One. The property comprises eight contiguous lots and 0.33 acres.
In its announcement, Pierson characterized it as the “most in-demand corner” in the business district.
301 Washington St. in Hoboken consists of eight contiguous lots and 0.33 acres, which formerly housed a Capital One bank. – PIERSON COMMERCIAL
“Due to our relationships with the buyer as well as the seller, we were able to bring all the parties together and facilitate the sale of this highly sought-after retail property,” Mackowski said in a prepared statement.
Other tenants along the block include Lululemon, Athleta, Sephora, Starbucks and Panera Bread.
For the buyer, the acquisition offers “inherent repositioning potential,” Pierson said, which helped to secure the sale.
“Many investors have had their eye on this particular redevelopment opportunity due to the uniqueness of having over 145 feet of contiguous frontage along Washington Street – a rare-to-market opportunity that currently cannot be found anywhere else on the street,” said Mackowski. “Adding in the prominent corner location, high-foot traffic and identity at the heart of Hoboken’s thriving business district, made this opportunity especially appealing. It was the right time, the right buyer and the right property, which was a win-win for one and all.”
According to Marlboro-based Pierson, Gold Coast broker Mackowski has arranged more than 55 transactions and 140,000 square feet in leases and sales just across Hoboken and Jersey City.
Federal Realty Investment Trust did not immediately respond to a request for comment about its plans for the property.
With the annual SantaCon bar crawl set to return to Hoboken Dec. 17, the Hoboken Business Alliance (HBA) is offering up a more family-friendly option for holiday fun the following day.
Along with an outdoor market featuring more than 125 artisan vendors from across the region as well as two dozen local businesses, the Hoboken Holiday Extravaganza under the 14th Street viaduct will include games, crafts, music and some seasonal surprises.
Planned activities include:
Fire truck fun and meet “Survivor” Mike Turner
Freshly toasted s’mores with Hoboken Volunteer Ambulance Corps
Holiday scene photo booth with Joe Epstein Photography
Make a snowflake by Playday Hoboken
Make SNOW with Urban Arts
Cookie decorating with Tony Soares at Prime Realty
Book Nook by Hoboken Public Library
Music circle with Dave Lambert Music Together
Meditative coloring with “My Hoboken” by SageMap
Holiday fun with Mission 50
“Kindness Rocks” rock art with Kearny Bank
Coloring with Hoboken Community Center
Play dreidel with Hoboken Dental Associates
Food from a number of well-known Hoboken establishments will also be available for purchase, including dishes from San Giuseppe, Tunkas Food Truck, The Madison Chili Bar, Bang Cookies, Pickle Licious, Haley’s Donut, BWE Café, Gringos Tacos Truck and Java Coffee.
Yes, the SantaCon bar crawl is taking place Dec. 17 in Hoboken, but there will be other activities for families this weekend, as well. PEXELS
The Holiday Extravaganza, which is presented in partnership with The Main Street Pops, will run from 11 a.m. to 4 p.m.
Extending the viaduct, several local shops are also getting into the spirit, according to the HBA.
Wine Dads will offer a special hot mulled wine tasting, while Hudson Table is serving up hot chocolate and rainbow marshmallows. Families can also stop into Hudson Table to make their own gingerbread house or have their dog’s photo taken with The Grinch at Camp Bow Wow.
The holiday market isn’t the only reason to visit Hoboken, Roxanne Earley, executive director of the HBA said, adding that Santa Claus will also travel through the city on a float from 11 a.m. until 3 p.m.
“Cookie decorating, fresh s’mores, and even a chance to meet one of the stars of Survivor, on top of some great shopping, music, and more will pack your day in the Mile Square City,” Earley said. “But that’s only a fraction of what we have to offer.”
Ahead of the holiday season, the HBA launched a new, branded seasonal shop local campaign as a way to drive foot traffic into retail stores and encourage locals to shop at small businesses rather than online or at big box retailers. As part of the initiative, the organization debuted a Holiday Passport program, which is a wallet-sized card that features a map of small, local and independent retailers where customers can focus their holiday shopping.
While Santacon has drawn mixed reactions from residents, businesses and local officials, it does give the city’s bars a much-needed boost heading into the typically quieter winter months. With more than 140 liquor licenses in a square mile radius, the city’s hospitality industry is a key part of the local economy.
This year, the holiday-themed pub crawl kicks off at 10 a.m. and has more than a dozen participating bars in Hoboken, according to event organizers.
In advance of SantaCon, NJ Transit announced it would ban all beverages on its buses and trains this Saturday, whether alcoholic or not, open or closed.
The distinctive Wonder Lofts community in Hoboken, at the site of the former brand-name bread factory, has drawn attention for its lavish and distinctive homes. Now, a commercial space at the newly developed property also found an owner.
Pierson Commercial announced Dec. 13 it arranged the $2.475 million sale of a 3,400-square-foot commercial condominium at the community located at 720 Clinton St., with Hudson County expert Robert Mackowski representing the seller and developer of Wonder Lofts, Prism Capital Partners.
In a statement Mackowski said the space was highly sought.
Exterior of Wonder Lofts in Hoboken. – CAHN COMMUNICATIONS
“Wonder Lofts’ central position within the city of Hoboken – along with this rare commercial condo acquisition opportunity – had tremendous appeal among a diverse pool of business types, which renders it a highly desirable business opportunity as well as a strong long-term investment for the buyer,” he explained.
According to Pierson, while Hudson County’s more than 2 million square feet of retail space makes it the second-smallest retail submarket in North Jersey, it still has some of the highest population densities and walkability stats across the U.S. In Hoboken and neighboring Jersey City, Mackowski is responsible for arranging more than 55 transactions and 140,000 square feet in both leases and sales.
The Wonder Lofts in Hoboken reimagined the former factory of the distinctive bread maker, transforming the space into a high-end homeowner’s dream. Since its launch last October, sales have crossed the 70% mark. Now, a limited number of residences have hit the market at the property.
This week, the Townhome Collection at Wonder Lofts announced the two-story, three- and four-bedroom townhomes are available for immediate occupancy.
Design elements at the Collection, located in the center of what was the Wonder factory building, mirror the elements of traditional brownstones. All homes at Wonder Lofts also include deeded, secure, on-site parking in a garage with electric charging stations.
“These homes deliver a new level of exclusive luxury living to Hoboken,” Robert Fourniadis, senior vice president – Residential at Prism Capital Partners, which developed Wonder Lofts in partnership with Parkwood Development and Angelo Gordon, said in a statement. “We expect these one-of-a-kind residences to have broad appeal to growing families looking for the space and privacy of a multilevel home along with the inspired lifestyle of a new-construction, full-service building.”
Wonder Lofts includes 14,400 square feet of indoor and outdoor amenities, including rooftop views of the Manhattan skyline from a landscaped lounge. There’s also an infinity swimming pool, a circular outdoor bar underneath the restored water tower; and areas for grilling, dining and lounging. The building includes a 24-hour attended lobby, various residents’ lounges, a children’s playroom, a coworking/study area and more.
According to the announcement, remaining homes are priced from $1,899,000 to $3,499,000 with special mortgage financing with rates as low as 5.125% available for a limited time to qualified buyers.
Gov. Phil Murphy, along with officials and stakeholders, commemorated the Oct. 5 groundbreaking of a long-stalled redevelopment effort in Hudson County, now called Hoboken Connect.
The project, which has been 15 years in the making, will produce new office and retail space, affordable housing, and improvements to public infrastructure and the surrounding area.
It is coming to fruition via cooperation from Murphy’s administration, NJ Transit, LCOR and the City of Hoboken.
“Made possible by a combination of vision, tenacity, and public-private synergy, the Hoboken Connect project will serve as a microcosm of all that my Administration is determined to accomplish,” said Murphy. “In addition to incorporating environmentally sustainable design features, this long-awaited development will also produce millions of dollars in revenue for both Hoboken and NJ Transit.”
Hoboken Connect, a multiphase initiative, will consist of the construction of private and public components over the next five-plus years.
“Made possible by a combination of vision, tenacity, and public-private synergy, the Hoboken Connect project will serve as a microcosm of all that my Administration is determined to accomplish,” Gov. Phil Murphy said at the announcement of the groundbreaking of Hoboken Connect project Oct. 5, 2022. – OIT/OFFICE OF THE NJ GOVERNOR
The private phase includes a mixed-use residential building consisting of 389 apartment homes with 20% dedicated as affordable housing; a 20-story Class A office building with a rooftop terrace; 5,000 square feet of retail space; and related public space open investments, such as additional pedestrian, vehicular and bicycle improvements.
The public phase includes construction of a new bus terminal on Hudson Place, significant rehabilitation of the first and second floors of the Ferry Terminal, the redevelopment of Warrington Plaza, and improvements to Hudson Place to support bicycle and pedestrian access to the transportation facilities.
Mutually beneficial
Through the Debt Defeasance and Prevention Fund, $176 million was committed to the project during the Fiscal Year 2023 state budget signed by Murphy over the summer.
A release from the governor’s office boasts that the project will directly and indirectly support 15,290 permanent jobs and $234 million in tax revenue annually. They estimate that Hoboken will see 4,433 jobs on site with $9.6 million in annual retail spending and $4.5 million in annual revenue.
“This project has been 15 years in the making and I could not be more thrilled for it to come to fruition,” said Hoboken Mayor Ravi Bhalla. “The city will reap the benefits of not only a rehabilitated transit hub, but much needed infrastructure upgrades, affordable housing, and retail space that will bring thousands of permanent jobs to the area.”
Murphy’s administration says that NJ Transit will benefit from ground lease payments, increased ridership and customer experience improvements.
“This project is an example of how the public and private sectors can come together to make our cities more walkable and transit oriented as we continue to limit our impact on climate change,” said New Jersey Department of Transportation Commissioner and NJ Transit Board Chair Diane Gutierrez-Scaccetti.
Kevin Corbett, NJ Transit president and CEO, said Hoboken Connect will comprehensively reimagine the terminal.
“This important project will dramatically transform a long neglected historic gem of a terminal and promises to usher in a renaissance for Hoboken, spurring economic growth and transforming the customer experience at this vital transit hub that connects NJ Transit rail, bus, and light rail services with PATH and NY Waterway ferries,” said Corbett.
The project is also expected to create more than 9,800 construction jobs with all improvements made utilizing historic preservation guidelines where applicable.
“The vision for Hoboken Connect was created through a collaborative process, aligning the interests of NJ Transit and the City of Hoboken with the broader goals of the redevelopment, which include transforming and re-activating this historically significant gateway to Hoboken, driving new economic development opportunities, investing in NJ Transit infrastructure and creating new and inviting public spaces for the local community,” said Brian Barry, senior vice president at LCOR. “We’re thrilled to breaking ground alongside key stakeholders who have played an invaluable role in advancing the vision for Hoboken Connect and look forward to bringing this transformative waterfront project to fruition for both Hoboken and those commuting through the area.”
Home sales at Wonder Lofts in Hoboken crossed the 70% sold mark, with the sale of a top-floor Penthouse at the property announced Sept. 19.
The “multimillion-dollar” residence is one of two that comprise the Penthouse Collection at the former Wonder Bread factory located at 720 Clinton St.
With 1,665 square feet of space, the home offers skyline views of lower Manhattan and Jersey City that are visible from the living and dining rooms – and all three bedrooms – through floor-to-ceiling sliding glass doors that lead to a 1,909-square-foot private terrace.
Its companion unit is the larger of the Penthouse Collection, and still available for immediate occupancy. The suite offers New York City views from every room: The open layout features three bedrooms and a 2,001-square-foot floorplan with kitchen, living and dining room, and a 1,895-square-foot terrace. The residence is offered at $3.499 million.
Wonder Lofts features 83 homes. It celebrated its official Grand Opening in July with the debut of an on-site sales gallery and model homes. The community also extends across the street, to a newly constructed, 15-unit residence where many homes feature private yards.
“Residences like the ones offered at Wonder Lofts are a rare find in the Hoboken market and highly coveted by families seeking homes with interior and exterior space comparable to a brownstone or townhouse, but in a full-service, highly amenitized condominium building,” said Robert Fourniadis, senior vice president – Residential of Prism Capital Partners, which developed Wonder Lofts in partnership with Angelo Gordon and Parkwood Development. “With abundant living space and deeded parking included with every home in the community, these residences provide a unique lifestyle in this marketplace.”
Wonder Lofts was the home of Wonder Bread, which baked at the property from the 1910s to the 1960s. The aesthetics of that past are preserved in the present design for the space, including with original brick details, archways, high ceilings, large windows and a restored smokestack and water tower. Modern touches – a glass façade and light grey aluminum – highlight the property and its history.
A two-story 24-hour attended lobby greets residences at the building. The property has 14,400 square feet of shared indoor and outdoor amenities, including a children’s playroom, a full gym and a separate yoga/flex studio, a screening room, a coworking/study area, onsite parking garage with electric car charging stations and a pet grooming area. Homes offer a suburban-sized designer kitchen with center island; primary bedrooms with walk-in closets; bathrooms with walk-in-shower, soaking tub and dual sink vanity; Latch smart home entry system; in-unit storage; and a separate laundry room with custom cabinetry and a utility sink.
Remaining residences at Wonder Lofts are priced from $1.495 million for a two-bedroom, $1.899 million for a three-bedroom, and $2.249 million for a four-bedroom floor plan.
Following license approval from the New Jersey Division of Gaming Enforcement, Hoboken-based Prophet Exchange officially launched Aug. 29, making it the first peer-to-peer sports betting exchange established in the United States.
Founded in 2018, Prophet Exchange offers a new way to wager for sports betters in the Garden State. The company acts as an intermediary, allowing users to set prices or place bets on prices already set by other users.
Prophet Exchange boasts that this unique setup allows it to offer better prices directly to the customers, instead of adding a vig — or a cut — like traditional sportsbooks.
“There is an overwhelming amount of emotion I feel for Prophet officially launching as the first fully regulated, peer to peer betting exchange in New Jersey,” said Dean Sisun, Prophet Exchange co-founder and CEO. “This has been a monumentally challenging journey to date, and to see it come to life is an amazing achievement for our team. That being said, this is only Prophet’s first major milestone, and we will not lose sight of our north star: becoming the mainstream sports betting platform in the United States.”
Former Giants wide receiver Amani Toomer, center, discusses sports betting at a Seton Hall event in May with Katie Willett, senior associate commissioner of the Big East Conference, and Bob Boland, principal at Boland Sports Practice. – MATTHEW FAZELPOOR
The exchange will initially offer moneyline, spread and total markets for NFL, NBA, NHL, MLB, NCAA football and basketball games. The company says it plans to add new sports and markets as the platform scales.
Prophet has also partnered with New York Football Giants legend and Paterson native Victor Cruz, a Super Bowl champion, who will serve as a strategic partner and brand ambassador. To commemorate the launch, Cruz matched two bets for the Giants’ upcoming season opener against the Tennessee Titans: one on the Giants +5.5 at +100 (even) odds and one on the moneyline at +230.
“Prophet Exchange is the sports betting platform of the future,” said Cruz. “It was great to place a bet directly with other users on the exchange without having to factor in lines that oddsmakers chose. I’m extremely proud to be a strategic partner of Prophet Exchange as they continue to innovate the sports betting world. Being a native of New Jersey, there’s no company I’d rather partner with. Of course, I had to bet on my Giants for my first wager.”
Jake Benzaquen, Prophet’s co-founder and COO, said that launching in the Garden State is the culmination of a four-year journey.
“Being the first startup and the first betting exchange in the United States regulated market means the world to us and our team here in Hoboken, and globally,” said Benzaquen. “We cannot wait to show the public who we are and what our product offers to the market here in New Jersey and beyond. As we say here, to the moon.”
The City of Hoboken will purchase its first electric garbage truck and Hop shuttle bus, using nearly $1.2 million in grant funding from the New Jersey Department of Environmental Protection. – CITY OF HOBOKEN
The City of Hoboken announced it secured nearly $1.2 million in funding from the New Jersey Department of Environmental Protection for the purchase of its first electric garbage truck and HOP shuttle bus.
These purchases will bring Hoboken to a total of 19 electric or hybrid vehicles, which will provide cost benefits while making further progress on the city’s Climate Action Plan.
“Replacing our older, fossil fuel dependent bus and garbage truck with electric vehicles is yet another step we’re taking to achieve the goals of our Climate Action Plan,” said Mayor Ravi Bhalla. “Not only will this reduce our own contributions to greenhouse gas emissions, but it will also improve the quality of the air we breathe and result in quieter vehicles, all of which improve the quality of life for our residents.”
The city estimates it will save $1.1 million in fuel costs over the next 15 years by switching to electric alternatives. With the two new electric vehicles, Hoboken will also eliminate the consumption of roughly 17,500 gallons of diesel fuel on an annual basis since these waste management trucks and shuttle buses are notoriously inefficient, averaging less than 15 miles per gallon while making frequent stops.
One of the eight priority initiatives under Hoboken’s recent Climate Action Plan was for city operations to phase in hybrid electric and electric vehicles into their vehicle fleet. So far, Hoboken has replaced 17 vehicles with electric, hybrid, or plug-in hybrid electric vehicles.
Next year, in an attempt to build up its EV infrastructure, Hoboken will more than double its publicly accessible charging ports across the city through a partnership with Volta.
On July 21, Hoboken and Volta, a leading electric vehicle charging network, announced a partnership to install 25 public EV charging stalls in the city over the next 18 months.
The move will more than double the number of such stations currently available in Hoboken, and both sides say they may expand the partnership to add even more chargers in the future.
That collaboration goes beyond just charging, as Volta offers an eye-catching digital media network that is integrated into its public charging stations.
In addition to the 25 charging stalls, Volta will have 50 digital media screens in Hoboken, which will help spur economic activity for local businesses. Additionally, the revenue raised from the digital advertising screens can be used to offset costs to charging partners, such as Hoboken.
Hoboken and Volta, a leading electric vehicle charging network, announced a partnership to install 25 public EV charging stalls in the city over the next 18 months. – VOLTA
“An accessible and public electric vehicle charging network is an essential component of achieving Hoboken’s Climate Action Plan and becoming carbon neutral by 2050,” said Hoboken Mayor Ravi Bhalla. “Through this partnership with Volta, no matter where a resident lives in Hoboken, they will be within a five-minute walk of a charger, making it easier to own an electric or plug-in hybrid car. I look forward to cutting the ribbon on the first 25 stalls in the new year, which will have no impact on the municipal budget.”
Since releasing its Climate Action Plan in 2019, Hoboken installed 22 public EV charging ports while focusing on making itself electric-vehicle friendly. Using its PredictEV platform, Volta identified specific locations within Hoboken where charging stations would be most utilized.
“Over 80% of Americans live in urban areas, many of whom lack access to at-home EV charging. Public charging networks in densely populated areas are essential to moving away from fossil fuels and addressing climate change,” said John Stuckey, vice president of public network development at Volta. “We’re pleased to partner with the vibrant City of Hoboken to provide this essential service, and to do so at no cost the city.”
“Our partnership with the City of Hoboken is an extension of Volta’s Charging for All initiative, our commitment to investing in more accessible, equitable, and affordable public charging – especially in dense communities where home charging isn’t an option,” said Kevin Samy, head of policy and climate strategy at Volta. “Volta’s media-enabled chargers generate the most value per charger in the industry, allowing us to increase charging availability, accelerate EV adoption, and create the shortest pathway to electric mobility for all.”
The Georgian is located at 205-209 Madison St. in Hoboken. – CUSHMAN & WAKEFIELD
Built in 2001 by Herbert and Georgina Minks, The Georgian stands five stories tall, offering 16 multifamily units in the heart of Hoboken’s downtown.
And on April 13, Cushman & Wakefield announced it arranged the sale of the building at 206-209 Madison St. for $9 million.
A CushWake team of Andrew Schwartz, Jordan Sobel, André Balthazard and Brian Whitmer represented the seller, H. Minks LLC, and procured the buyer, TH Start, in the transaction.
“The Georgian is in a fantastic location that offers unparalleled access to surrounding neighborhoods and New York City,” Schwartz said in a prepared statement. That access is facilitated by The Georgian’s walking-distance location to the New Jersey Path Station.
“The location coupled with the property’s value-add potential made this a very compelling acquisition,” Schwartz added. “This was a record in terms of amount of investor activity and shows a true sign of how the Gold Coast apartment fundamentals and investment demand are back, stronger than before the onset of the pandemic.”
The Georgian is comprised of four one-bedroom and 12 two-bedroom units. The property offers covered parking, in-unit washers and dryers and a landscaped courtyard.
Concept rendering of CetraRuddy’s proposed 389-unit mixed-income residential building at Hoboken Connect. – LCOR
LCOR is leading development to transform the Hoboken waterfront with the addition of a mix of resilient commercial, residential and public spaces to land adjacent to the Hoboken Terminal.
According to the announcement, construction for Hoboken Connect could begin in early 2023, pending final approvals by the city council and planning board.
CetraRuddy said its design, offering a mix of studio through three-bedroom layouts — with 20% of the units set aside as affordable housing — would be the first Hoboken Connect project to enter construction, replacing a surface parking lot located within walking distance of the train terminal.
Site plan of the proposed Hoboken Connect redevelopment. CetraRuddy’s residential building is at Site 2, seen in the lower left. – LCOR
According to the development team, resiliency is a major component of the overall project. That’s important for a city that was ravaged by Hurricane Sandy in 2012 and experiences habitual flooding. According to Flood Factor, an online tool from nonprofit First Street Foundation that assess flood risks across the nation, Hoboken “has a major risk of flooding over the next 30 years, which means flooding is likely to impact day to day life within the community.”
“Given the low-lying waterfront location’s sensitivity to storm surges and rising sea levels, flood resiliency considerations will inform every aspect of CetraRuddy’s site plan as well as the design of the building itself, with an eye towards a comfortable living experience in all weather conditions,” CetraRuddy said in its announcement.
According to the firm, Hoboken Connect is also set to include a 20-story office building with ground-level retail space, renovations for Hoboken Terminal and a redesign that would transform neighboring Warrington Plaza into a public, outdoor market.
Elsewhere, CetraRuddy said its portfolio of architecture and interior design projects in waterfront districts ranges from Red Hook, Brooklyn to Weehawken.
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