Update on 511-21 Newark St (Hoboken Mews)
May 29, 2019
NRIA proudly announces the Partners Portfolio Fund 1 closing of: 511-521 Newark St., Hoboken, NJ (near the corner of Marin Blvd. & Newark St.). This project is pre-approved as a 32 unit luxury Condominium development overlooking midtown Manhattan, Hoboken, & the Hudson River from unobstructed city views. Average pricing ranges from $850K - $900K per condo in this lively city market. The project’s conservative $27.9M sell out [see attached financial summary] could go as high as $34M when the city approves our request for an additional floor of 8 more units - being looked at very favorably!
This project’s amenities will include:
Rooftop Entertainment Terrace & BBQ area overlooking Manhattan
1 high speed Schindler Elevator
Mail Room, Package Room
5,000 SF of 1st Floor Commercial Retail Space
Each condo qualifies for a 5 year Tax Abatement
15 of the 32 units are expected to consist of 1200 sf, 2-bed / 2-bath ultra-contemporary designs. The remaining 17 units will consist of 800sf, 1 bed / 1-baths ultra-contemporary designs. Regardless, all residents will have access to nice NYC views via the shared rooftop and some window access for 10 or so units. Overall, this is a highly desirable area. It sits on an approximate 1 -acre lot and is well positioned for multiple transport means into NYC and North Jersey. Located just ≈0.6-miles from the Hudson River waterfront, a 5-minute drive to the Holland Tunnel, and an 8 minute walk to the Hoboken Train Station – this is a true commuter’s paradise.