S.V.P.s Robert Squires & Scott Davidovic Arrange Exclusive Sale of 21 Units for Record Price per Unit
Woodbridge, N.J., August 3, 2022 – The Kislak Company, Inc. announced the recent sale of three contiguous multifamily properties with a total of 21 units in Hoboken, Hudson County, New Jersey, for $13,200,000. The properties are located at 510, 512 and 514 Observer Highway, minutes from the Hoboken PATH Station, which provides direct train service to and from New York City.
Kislak marketed the portfolio on an exclusive basis with senior vice presidents Robert Squires and Scott Davidovic handling the assignment on behalf of the sellers, 510 Observer Hwy., LLC; 512 Observer Hwy., LLC and 514 Observer Hwy., LLC; which are affiliates of Skylight Real Estate Partners. Mr. Squires also procured the purchaser, 510 Observer LLC.
Mr. Squires commented, “The $628,571 per unit sale price represents one of the highest price per units achieved for a multifamily property in Hoboken. The demand for well-maintained apartment buildings is the strongest I’ve seen in my career. The sale of these assets continues to prove that multifamily properties are among the strongest investments.”
The properties are three four-story buildings with a total of 21 units. The buildings at 512 and 514 Observer Highway have been fully renovated. There is value-add potential to renovate the building at 510 Observer Highway. Tenants are responsible for heat, hot water and electrical expenses. Penthouse units include private balconies with views of New York City.
The buildings are ideally located a short walk to Washington Street, which is Hoboken’s vibrant and historic commercial center, the Hoboken PATH Station and waterfront.
Know as the Mile Square City, Hoboken sits along the Hudson River. As of the 2020 United States Census, the city’s population was 60,417. Among cities with a population above 50,000, Hoboken was ranked as the third-most densely populated in the United States, with more than 42,400 people per square mile. Hoboken is part of the New York metropolitan area and is consistently ranked among the strongest and most desirable rental markets in the tristate area.
Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award.
Scott Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. He received Kislak’s 2007 Rookie of the Year award and 2014 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 firm 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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.