501 Adams Street
Hoboken, NJ

501 Adams Street is a 5 story residential building located in Hoboken, NJ. The Property consists of 59 units averaging 1,076 square feet each, for a total net rentable area of 63,460 square feet. The units, which range in size from one to three bedrooms, have large windows, high ceilings and wood floors. The building, originally built in 1918, was converted from its previous use as The Kealy School into rental apartments approximately six years ago, and now features a 2-story covered parking deck, a health club and a laundry facility.

Meritage and Avenue Capital Group, jointly, have invested approximately $6.8 million as a preferred equity partner in the Property. Upon purchasing the asset, R Squared LLC, who serves as operating partner, converted the property to condominium ownership and began their extensive renovation plan of both units as well as common areas. The renovations of the common area and courtyard has served to maximize the appeal of the Property. As of November 2007, R Squared has sold 21 units to date and has several units currently under contract.  

The property is located in the town of Hoboken, New Jersey, on the west bank of the Hudson River, part of the “Gold Coast” of New Jersey. Hoboken was the first neighborhood to undergo a significant boom in the residential development that started in the Gold Coast approximately twenty years ago, transforming the area from primarily industrial use into a string of vibrant residential and office nodes.

Hoboken’s residential appeal is due primarily to its proximity to Manhattan, its access to transportation infrastructure geared towards commuters, and its attractive pricing relative to the cost of apartment ownership in Manhattan. Hoboken lies directly across the Hudson from midtown and downtown Manhattan, and with the PATH, New Jersey Transit, and passenger ferries all providing direct links to the city, transportation to and from Manhattan is extremely efficient. Hoboken offers potential consumers a well located, affordable option for neighborhood living in a community full of restaurants, retail establishments and other amenities.

For Further Information Contact:

Meritage Properties
(Owner) (914) 723-3533

(On-Site Sales Agent) (201) 795-0055