3 Older Apartment Buildings In Hoboken Sell For $13.2M

HOBOKEN, NJ — Three contiguous brick buildings on Observer Highway — the long road at Hoboken's southern border — were sold recently for $13.2 million.

The Kislak Company announced on Wednesday the sale of the four-story multifamily properties, containing a total of 21 units. The properties are located at 510, 512 and 514 Observer Highway.

(See vintage photos of Hoboken, including Observer Highway, here.)

Senior vice presidents Robert Squires and Scott Davidovic handled the assignment on behalf of the sellers, affiliates of Skylight Real Estate Partners. Squires also procured the purchaser, 510 Observer LLC.

Squires commented, “The $628,571 per unit sale price represents one of the highest price per
units achieved for a multifamily property in Hoboken. The demand for well-maintained
apartment buildings is the strongest I’ve seen in my career."

He added, "The sale of these assets continues to prove that multifamily properties are among the strongest investments.”

The properties' penthouse units include private balconies with views of New York City.

The Kislak Company, Inc., headquartered in Woodbridge, is a commercial real estate brokerage firm established in 1906.