Hoboken's 800 Madison Is Offered For Sale
Cushman & Wakefield Capital Markets Group Representing Upscale 217-Unit Multifamily Investment Property.
- Newark, NJ (1888PressRelease) August 05, 2010 - The five-story, 217-unit 800 Madison multi-family property is being offered for sale on a 100% fee interest basis, announced Cushman & Wakefield, Inc. Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of the firm's Metropolitan Area Capital Markets Group (CMG) are handling the assignment for Tarragon Development. A bid date of August 19 has been set for the offering.
"800 Madison is the finest project currently available in the metropolitan area, and we are already seeing a great deal of interest in this prime offering," Whitmer noted. The property, which is situated on 1.84 acres encompassing the entire block bounded by Madison, Monroe, 8th and 9th streets, is 99% leased." The upscale property consists of 87 one-bedroom, 120 two-bedroom, and 10 three-bedroom apartments, plus 1,000 square feet of ground-floor retail space.
Completed in late 2008, 800 Madison sets the bar for both interior finishes and amenities. Its five stories of residences are situated above a level of covered parking with a 1:1 ratio. The property has one of Hoboken's few private pools and also offers a community room and private gated patios.
"This is a truly unique investment opportunity," said Whitmer. "Despite prevailing market conditions, it was virtually leased up in just a year."
Merin noted that the property's sister building at 1000 Jefferson sold in 2008 and continues to do very well.
Cushman & Wakefield's Capital Markets Group Currently Represents Six Additional Multi-Family Buildings Totaling 1,800 Units in Four States
In addition to the offering of 800 Madison, Cushman & Wakefield's Metropolitan Area Capital Markets Group is currently marketing six other multi-family properties, three of which are in contract, in New Jersey, New York, Connecticut, and Pennsylvania. Altogether, the properties encompass a total of 1,800 units.
According to Merin, a consistent leader in commercial real estate investment sales, multi-family property represents the hottest sector in the industry. "There is a lot of capital available for this sector, with active purchasers ranging from individuals to institutional buyers, and prices have been exceeding expectations on all recent transactions," he said.
The Metropolitan Area Capital Markets Group specializes exclusively in investment sales of four property types throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. This includes office, industrial, multifamily and retail properties. The team has completed more than $13.8 billion worth of transactions since 2000. Andrew Merin and David Bernhaut, who co-founded and head the Metropolitan Area Capital Markets Group, also oversee eastern regional activities for a new Cushman & Wakefield group that advises clients on corporate property dispositions throughout the United States.