FLORHAM PARK, NJ - HFF announced today that it has closed the partial sale of 333 River Street, a 526-unit, Class A multi-housing community with 56,723 square feet of ground floor retail space in Hoboken, New Jersey.
HFF marketed the property on behalf of the seller, Starwood Capital Group Global. Applied Development Company purchased the 10 percent interest in the property for $10 million. With this purchase, Applied now owns the entire building.
333 River Street is located along the Hudson River Gold Coast in Hoboken, adjacent to Frank Sinatra Park and the new W Hotel, and within walking distance to the Washington Street retail/entertainment area and the Hoboken Terminal providing Path train, NJ Transit and NY Waterway ferry service to Manhattan. Completed in 2002, the property has studio, one-, two- and three-bedroom units averaging 923 square feet each. Community amenities include 24-hour concierge service, a fitness center, private screening room and lounge, billiards room, rooftop putting green and two children’s play areas. 333 River Street’s retail tenants include Fresh Ideas by Kings (grocer), Valley National Bank, 3 Forty Grill, Trinity, The Quays, CORT Furniture, Beyond Basic Learning and LA Boxing.
The HFF team representing Starwood Capital Group Global included senior managing directors Jose Cruz and Andrew Scandalios and directors Jeffrey Julien and Kevin O’Hearn.
“333 River Street has a tremendous location with views of the Hudson River, New York Harbor and the Manhattan skyline, and is situated within a supply constrained market with lack of new product thereby ensuring long-term success,” said Cruz.
“Applied has completed their ownership with this last installment purchase,” added Cruz.
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since its inception in 1991, the firm, through its various funds, has invested over $9 billion of equity capital, representing over $28 billion in assets. Starwood Capital Group currently has approximately $18 billion of assets under management. The company maintains offices around the world and has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts, and industrial assets.
Applied Development Company has a distinguished history of developing and revitalizing established urban centers. Applied and its principals have developed thousands of residential units and hundreds of thousands of square feet of commercial, and the company continues to own and manage the overwhelming majority of this portfolio. In addition, Applied is currently engaged in the active development of over $1 billion of residential and commercial real estate.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com