Hoboken Apartment Building Sold For $70M

HOBOKEN, NJ — South Carolina-based Greystar Real Estate Partners has purchased Observer Park, a 115-unit, 12-story apartment building in Hoboken, for an aggregate price of $70.3 million, the company announced Thursday. Observer Park, located at 51 Garden Street in Hoboken, was constructed in 1991 and was previously owned by Invesco.

According to a company news release, Observer Park sits on top of a three-story, 141-space public parking deck which currently serves the building and the public. Existing community amenities include fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks coffee, 24-hour laundry, dry cleaning pickup and delivery and controlled-access lobbies.

Greystar stated that it “sees a strong opportunity to enhance the competitive position of this institutional-quality asset through unit and common area renovations while still maintaining attainable rents that are priced at a discount to new developments.”

“With very little new rental supply in the southeast corner of Hoboken and incredible demand for high-quality apartments in this location, we saw a tremendous opportunity to reposition the property through extensive capital and operational enhancements,” said Bob Faith, founder, chairman and CEO of Greystar.

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