In a deal that highlights the ongoing “flight to quality” and urban densification trends in Northern New Jersey, Marcus & Millichap has announced the successful sale of 106 Willow Ave. in Hoboken for $2,175,000.
The property, a vacant four-story brick building in the heart of the city’s downtown, was positioned as a prime redevelopment opportunity. Despite broader market shifts, the transaction moved with remarkable speed, securing an all-cash buyer within just two weeks of hitting the market.
The asset at 106 Willow Ave. represents a classic Hoboken “value-add” scenario. The 6,400-square-foot structure sits on a standard 25-by-100-foot lot and is currently configured for eight one-bedroom units.
The building’s “R-3” zoning and existing footprint offer significant potential for modernization and expansion, a key draw for private investors looking to capitalize on Hoboken’s sky-high rental demand.
“With its underlying fundamentals and walkable retail base, Hoboken continues to attract strong interest from the investment community throughout the tri-state area,” said Devin Perez, Associate Director of Investments at Marcus & Millichap.
The sale was facilitated through a partnership with the Ten-X auction platform, a move that leveraged digital reach to create a competitive bidding environment. The brokerage team, consisting of Perez, Alan Cafiero, and Dean Matuszewicz, exclusively marketed the property on behalf of the seller and procured the private investor who ultimately won the bid.
The speed of the sale—closed in 14 days—underscores the liquidity available for assets located near major transit nodes.
The property’s valuation is heavily bolstered by its location. Situated just four blocks from Washington Street—Hoboken’s primary commercial artery—it is within easy walking distance of the Hoboken PATH station.
This proximity offers a “straight-line” commute to Lower Manhattan, making it an ideal site for future residents who require rapid access to New York City’s financial and corporate hubs.
