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Developers sell 59-unit Hoboken apartment building for $34M

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Developers sell The Artisan apartment building in Hoboken for nearly $34 million.
Developers sell The Artisan apartment building in Hoboken for nearly $34 million. - ()

Less than a year after opening a new 59-unit apartment complex in Hoboken, its developers have sold the property to investors for nearly $34 million.

The companies, Argo Real Estate and Alpine Development, sold the Clinton Street development in a deal announced this week. Chicago-based LaSalle Investment Management acquired the property, which is known as The Artisan.

The 102,000-square-foot, six-story complex includes two four-story luxury apartment towers joined by a two-story base retail space, the sellers said in a news release. The site is located at 1400 Clinton St. and 1440 Grand St. on the northern end of the city.

A joint venture of New York-based Argo and Alpine, which is based in Tenafly, developed the property beginning in 2012 and started leasing its loft-style units last fall, the news release said. The apartments were fully leased within four months.

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