Luxury Residential Development Sells for $33.55M

A fully leased 59-unit luxury residential development in Hoboken has been sold for $33.55 million.

Argo Real Estate and Alpine Development announced the off-market transaction of The Artisan on Monday. LaSalla Investment Management purchased the 102,000-square-foot, six-story, mixed-use building at 1400 Clinton St. and 1440 Grand St.

The building is comprised of two four-story apartment towers joined by a two-story base retail space.

Argo Real Estate partnered with Alpine Development in 2012 and began leasing in October 2013. Four months later, The Artisan was fully leased.

“LaSalle Investment Management recognized that this development truly brought luxury loft-style living to the Hoboken residential rental market,” Mark Moskowitz, CEO of Argo Real Estate, said in a prepared statement. "Throughout construction, the entire development team remained dedicated to ensuring that The Artisan offered the highest quality amenities."

The Artisan features luxury lifestyle amenities, including a state-of-the-art fitness center. Loft-style apartments feature 9-foot-4 ceilings, Golden Oak hardwood floors, Pella double-glazed Architect Series windows, in-home washer/dryers and floor to ceiling windows.

Prices range from $2,400 for one bedrooms to $3,200s for three bedrooms.