Private Investor to Develop 36-Unit Property at Former Site of Water Music Studios
CBRE today announced the $8.5 million sale of a fullyapproved development site located at 921-931 Madison Street in Hoboken, NJ. Formerly Water Music Studios, the site was acquired by a private developer based in Hudson County from AIRN Management.
The CBRE team ofFahri Ozturk, Richard Gatto, Zach McHale, and Jeff Babikian spearheaded the marketing campaign for the site, which is part of a 450+ unit,seven-property portfolio along the New Jersey Gold Coast that CBRE has been appointed to sell on behalf of a court-appointed restructuring management team. The CBREteam was also responsible for procuring the buyer in the transaction.
“We are pleasedto close on the first of several transactions on behalf of AIRN Management. 921-931 Madison Street’sideal location in Hoboken, one of New Jersey’s top residential markets, helped draw significant interest from the development community and allowed us to create a competitive bidding environment for the asset,” said Mr. Ozturk.
Richard Gatto added, “Despite the high cost of debt in today’s market, development sites in prime locations remain in strong demand and can act as a bridge to a better economic environment.We were confident from the onset that our process, coupled with this amazing site, would allow us to secure maximum pricing for our client.”
Rick Budd, CEO of AIRN Management commented, “We are very happy to get the first transaction of the portfolio over the finish line with CBRE.Our management team and CBRE worked inlockstep to navigateboth economic headwinds and a corporate restructuring throughout this transaction. CBRE team’s local knowledge, experience, and marketing process guided us to make the right decision for our investors.”
The new ownership plans to develop a luxury, 36-unit residential property at the site, which will also include 10,050 sq. ft. of ground floor retail/commercial space.
The site is located steps from the Ninth Street Light Rail Station, which provides direct access to the Hoboken Terminal. It is also situated adjacent to the Hoboken ShopRite,and is within walking distance to Trader Joe’s, CVS, Starbucks, Shake Shack, Chipotle, Carlo’s Bakery, Nike, lululemon, and other major retailers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.