AIRN Management has acquired a 13,000-square-foot development site at 511-521 Newark Street in Hoboken, NJ, for $7.5 million. The property, part of the Southwest Hoboken Redevelopment Plan and near the Hoboken Transit Terminal, is set for residential development.  

Fahri Ozturk, Richard Gatto, Zach McHale, and Jeff Babikian of CBRE led the marketing campaign. The site is part of a larger portfolio of seven properties along the New Jersey Gold Coast, totaling over 450 units.  

Adjacent to 601-619 Newark Street, also marketed by CBRE, this site is fully approved for 60 luxury residential units and 4,900 square feet of ground-floor commercial space, including a restaurant with 2,000 square feet of outdoor seating. 

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.