Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 719 Willow Avenue, a multifamily property in Hoboken, New Jersey.
“The seller engaged us with the goal of divesting the asset after challenges with city-related matters. Leveraging our deep market expertise and investor network, we positioned the property to reach the right qualified buyers,” said Jonathan Zamora, first vice president investments in Marcus & Millichap’s New Jersey office. “Our targeted marketing approach generated strong interest, ultimately creating a bidding war between three buyers. This maximized value for the seller and ensured a smooth closing with a noncontingent hard contract, a 45-day timeline, and the deposit released at contract signing.”
The property is six blocks from Hoboken’s Washington Street retail corridor and less than a mile from Hoboken Terminal, with access to PATH, NJ Transit and NY Waterway Ferry service to Manhattan. The property includes approximately 10,300 rentable square feet across nine residential units and one ground-floor commercial space, a newly renovated laundromat with 60 machines. Parks, schools, restaurants, Stevens Institute of Technology and Hoboken University Medical Center are all nearby.
“This transaction highlights our ability to match the right buyers with the right opportunities while creating competitive environments that drive pricing power for our clients,” added Zamora.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
