Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Mixed-Use Building In Hoboken

02/05/2013

A mixed-use property at 1100 Washington Street, located on the corner of Washington and Eleventh Street in Hoboken, New Jersey was sold in a transaction valued at $2,225,000.

The four-story building contains approximately 5,482 square feet and sits on a 22’ x 75’ lot. There is a ground floor retail space that is currently occupied by a wine store which uses the entire basement for storage. In addition to the wine store, there is a studio apartment on the ground floor with a private entrance on Eleventh Street, which can be converted to retail use, as of right. The second, third, fourth, and fifth floors each contain two one-bedroom apartments. The sale price equates to approximately $406 per square foot.

The property is standing where first base stood on the historic Elysian Fields which is believed to be the site of the first organized baseball game, giving Hoboken a strong claim to be the birthplace of baseball. The property is just a block from Elysian Park and the waterfront, and only a fifteen minute commute to Manhattan via bus on the 126 line.

“We received a lot of interest in this building and at the end of the day, the buyer was able to differentiate himself from the other interested parties through his strong terms,” said Massey Knakal Director of Sales Kobi Leifer, who exclusively represented the seller in this transaction.

The buyer was represented by Jean Jacques DuBane of Robert DeRuggiero Inc. Realtors.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

02/05/2013 - 12:05

Source

Cushman & Wakefield Capital Markets Group New York

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