Cushman & Wakefield Arranges Sale of Observer Park in Hoboken, NJ
In addition to the unrivaled public transit access, Observer Park residents live one block from Washington Street, the epicenter of Hoboken nightlife.
- Bergen-Passaic, NJ (1888PressRelease) November 04, 2017 - Commercial real estate services firm Cushman & Wakefield, Inc. today announced the sale of Observer Park, a 115-unit apartment building at 51 Garden Street in Hoboken, NJ to funds managed by Greystar Real Estate Partners .Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a separate account of Invesco Real Estate.
“The location is considered to be the ‘best of the best,’ just two blocks from the PATH Station at the Hoboken Terminal, and in the heart of Hoboken’s thriving 24/7 environment,” said Cushman & Wakefield Executive Director Brian Whitmer. “When investors seek acquisitions in the New York metro area, they consistently target markets with the most convenient public transit options. Hoboken stands out in that regard, and Observer Park is the closest institutional quality apartment community to the PATH rail and ferry station – where a majority of the Manhattan-bound commuters are going to every day.”
Whitmer is a member of the Cushman & Wakefield team that served as exclusive agent for the Invesco account selling Observer Park. The team also included Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel, and Ryan Dowd.
The fully occupied twelve-story Observer Park sits atop a three-story parking garage, which residents can access directly from the building. The community offers one-, two- and three-bedroom units.
Greystar, the fully integrated multifamily real estate company based in Charleston, South Carolina, intends to make significant improvements to the property including plans to renovate and update individual units, floorplans and common area finishes.
The town’s reputation as one of the best locations to call home is related to the 140 bars and restaurants, as well as a multitude of shopping options, within its borders.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow ( @ ) CushWake on Twitter.
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