Woodbridge, N.J. – The Kislak Company, Inc. announced the $6,565,000 sale of a 14,000-square-foot commercial condominium located at 222 Washington Street in Hoboken, New Jersey.
Kislak marketed the portfolio on an exclusive basis. Senior Vice President Scott Davidovic represented the seller and procured the purchaser, a longtime client with significant holdings in Hoboken and elsewhere in Hudson County. The transaction was all cash and the purchaser completed an I.R.C. Section 1031 Exchange with the purchase.
“The seller was the original developer of the property and felt the sale came at the right time due to the relatively low interest rate environment and strong demand for investment properties in Hoboken,” said Mr. Davidovic. “The property offered upside in the office rents and potential with the retail space.”
The premier commercial condominium consists of approximately 7,500-square feet of storefront retail space with frontage on Washington Street and another 6,500-square-feet of fully occupied office space on the lower level. Baby Gap occupies approximately 60% of the retail space.
Washington Street is the principal commercial and retail thoroughfare in Hoboken. The property is an excellent location only four blocks from the Hoboken Terminal, which is one of the New York metropolitan area’s major transportation hubs with quick service to midtown and lower Manhattan, and surrounded by many national and local retailers including Chipotle, CVS, McDonalds, Starbucks and Walgreens.
Mr. Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and he is also a past recipient of the firm’s Sima Kislak Jelin Salesperson of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.