94 River St. in Hoboken — Courtesy: Matthews
By Joshua Burd
A local investor has purchased a four-unit apartment building with ground-floor retail space in Hoboken, paying more than $2.8 million in a recent deal arranged by Matthews.
According to the brokerage firm, the listing at 94 River St. drew nearly 10 offers within 45 days before closing at 95 percent of the asking price with no contingencies. Its new owner is a neighboring property owner, which Matthews’ David Ferber secured through what the firm described as a longstanding relationship.
He added that the four-story property, which previously sat on the market with other brokerage teams, is in the heart of downtown Hoboken and steps from the waterfront and PATH station. Its ground-floor retail space totals 3,401 square feet, offering a multifaceted income stream.
Ferber, a senior vice president and director with Matthews, represented both parties in the $2.802 million deal.
“This sale reinforces that well-located assets continue to attract strong demand,” Ferber said. “A building in a prime location just a few blocks from transportation into (New York City) generated significant buyer interest despite a compressed cap rate and some vacancy, resulting in a highly competitive marketing process.”
