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Hoboken's The Grand Adams Now Up for Grabs

Converted Factory on the "Gold Coast" Could Fetch $60M
February 6, 2018
Investors are getting a crack at a collection of 99 apartments in a converted factory on New Jersey’s coveted Gold Coast.

The Grand Adams, at 300 Grand St. in Hoboken, is in downtown, a few blocks from the PATH train that connects Hoboken to Manhattan. The four-story property was built in 1906 as a factory, but was converted to apartments in 1986. It’s about 98% occupied.

Market players expect bids to come in at about $60 million, or just over $600,000 per unit. HFF’s New Jersey brokerage team, led by Jose Cruz, is marketing the property for LivCor, a division of the Blackstone Group, of New York.

The Grand Adams features studio to three-bedroom apartments, and the conversion to rentals made the most of the factory’s design. The apartments have 15-foot ceilings, exposed beams and brick walls in many units. The units all have hardwood floors, maple cabinetry, quartz countertops, in-unit washers and dryers and fireplaces. Some units have a split-level duplex design, and the top-floor apartments include rooftop decks with views of the Manhattan skyline, and Hoboken.

The property’s amenities include a parking garage, two interior courtyards and doorman and concierge service.
Hoboken and neighboring Jersey City have emerged in recent years as a popular alternative to Manhattan for young professional renters. Jersey City, in particular, has seen a half-dozen new luxury high-rise apartment developments along its Hudson River waterfront.

John Doherty, Multifamily Reporter  CoStar Group   
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