Hoboken Apartment Building On Grand Street Sells For $15.5M

HOBOKEN, NJ — A 30-unit apartment building on Grand Street in Hoboken sold for $15.5 million last week.

The six-story brick building at 204 Grand Street – which was built in 2000 – also has one of the city’s most coveted resources: a 24-space parking garage. The acquisition closed on Jan. 15, according to a news release from the building’s new owners, a partnership between Stamford, Connecticut-based Spirit Investment Partners LLC and Irvine, California-based The Bascom Group LLC.

The partnership recently purchased another large Hoboken property at 1024 Clinton Street in July 2018.

“This deal fits perfectly with our strategy of acquiring properties in transit-connected urban and suburban neighborhoods that offer greater relative affordability,” said Scott Zwilling, a principal of Spirit Investment Partners.

“We feel Hoboken will continue to flourish as renters seeking a high quality of life, short commutes and more reasonably priced housing options than Manhattan move into the neighborhood,” Zwilling added.

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Photo: The Bascom Group/PR Newswire