CBRE announced Monday that it successfully traded 226-228 Washington Street, a high-profile retail property located in the center of Hoboken’s commercial corridor. The two-story asset was acquired by JFA Hoboken LLC from 226-228 Washington Realty LLC for $8.24 million.
The all-cash transaction reflects a purchase price exceeding $1,000 per square foot, underscoring the enduring value of core real estate in the Hoboken market.
Situated in the “heart of Hoboken,” the property is positioned in one of the region’s most sought-after retail and residential neighborhoods. The new ownership intends to capitalize on the site’s potential by securing entitlements to transform the property into a mixed-use development.
Key location assets:
- Transit-oriented: A five-minute walk to the Hoboken PATH Station.
- Waterfront access: Located just two blocks from the Hudson River waterfront.
- National neighbors: Adjacent to high-traffic retailers including Nike, Abercrombie & Fitch, Trader Joe’s, Starbucks, and Chipotle.
The sale was orchestrated by the CBRE team of Charles Berger and Sam Bernhault, who represented the seller and procured the buyer. The team utilized a cross-disciplinary approach, blending Capital Markets expertise with Retail Services to maximize the asset’s visibility.
“We leveraged the full strength of our integrated platform… validating the potential value add for the property,” Berger said. “Achieving over $1,000 per sq. ft. in an all-cash deal demonstrates the strength of the location and the buyer’s confidence in the future of the Washington Street corridor.”
The sale of 226-228 Washington Street follows a trend of increasing institutional and private interest in Hoboken’s urban core. As demand for transit-adjacent housing continues to rise, the conversion of legacy retail buildings into mixed-use spaces remains a primary driver for the local real estate economy.
