Advance Realty furthered its commitment to investing in Hoboken with the acquisition of The Metropolitan, a residential and retail property at 1300 Clinton Street. Situated adjacent to Harlow, the developer’s highly successful, new lifestyle-oriented apartment building, The Metropolitan comprises two parallel, five-story apartment buildings with ground-floor retail.
Advance will make significant upgrades to The Metropolitan, which was built in 2000. Connected by an elevated, landscaped courtyard, the community’s two buildings feature 128 residences, an above-ground parking garage and various amenities, including a fitness center, residents’ lounge, clubroom and a package concierge system.
The property is located at the gateway entrance to Hoboken, near the 14th Street Viaduct, which recently underwent a $54-million renovation to allow for continuous traffic flow. This winter, Advance sponsored the creation of the Harlow Winter Village, a City of Hoboken-operated pop-up skating rink located underneath the Viaduct — an area that, as part of the renovation, recently received a new cobblestoned streetscape with decorative sidewalks and lighting, as well as a new pocket park.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and Directors Michael Oliver and Stephen Simonelli. The HFF debt placement team representing Advance was led by Senior Managing Directors Jon Mikula and Jim Cadranell.
“Our investment in The Metropolitan is an important step in our continued effort to grow Advance Realty’s dedication to Hoboken,” said Peter Cocoziello, president and CEO of Advance Realty. “We love Hoboken, and the acquisition of this beautiful apartment community reflects our commitment to the city. Like Harlow, we view The Metropolitan as a long-term investment.”
The Metropolitan’s proximity to Harlow, which opened at 1330 Willow Street in December, places residents steps from the neighboring building’s ground-floor retail space, which will be home to a new Trader Joe’s supermarket — the upscale grocer’s first location in Hoboken and all of Hudson County — starting this year.
“The positive experience we had working with City of Hoboken officials, local stakeholders and the community throughout the development and opening of Harlow played a large part in our decision to acquire The Metropolitan,” said Daniel Cocoziello, Principal and Vice President of Development and Operations for Advance. “We believe in and support the city’s vision for smart, mixed-use development that promotes the character and growth of the neighborhood.”
Chris Bellapianta and Dave Surti of Camber Capital served in an advisory role.
“We are grateful for the body of work Chris and Dave put in over their years at Advance and are excited to partner with Camber on their future endeavors and witness the continuation of their success,” said Alexander Cocoziello, Principal and Vice President of Investment for Advance.
Camber, in partnership with Advance, acquires middle-market properties in the New York Metropolitan Area.
“When approached with this opportunity, we felt it fit perfectly within our investment strategy for the future, and as long-term believers in Hoboken, our team pursued it aggressively.” said Alexander. “We will continue to seek out assets which fit within this philosophy, and have conviction in the evolution of multifamily assets in New Jersey, with a particular emphasis on Hudson County.”
Each residence at The Metropolitan has a full kitchen appliance package and a stacked washer/dryer. Additionally, the property features 2,000 square feet of retail space that’s occupied by a nail salon and a dry cleaner.
The property is located approximately one mile from the Lincoln Tunnel entrance and Route 495, which provides access to the New Jersey Turnpike as well as Routes 3 and 1-9. Several public transportation options are also available in the area including the Hudson-Bergen Light Rail, Hoboken Ferry, PATH trains and NJ Transit lines.