Waterfront Condo Sale Sets New Hoboken Record

A condo on the waterfront in Hoboken just set a new city record.

The apartment at 1500 Hudson Street traded on Friday for $4.75 million, marking the priciest condo sale ever achieved in the New Jersey locale, according to brokers involved in the deal. The sale works out to roughly $1,500 per square foot.

The previous record was set in 2022 by the $4.65 million trade of another condo at the same complex, known as the Hudson Tea Buildings, where deals for other units have continuously pushed Hoboken’s pricing boundaries. In 2018, former New York Giants quarterback Eli Manning hit a new high when he sold his three-bedroom apartment at the complex for $3.55 million.

Agents on both sides of the latest record-setting sale said the condo was a rare commodity in the area, due to its size and sweeping, unobstructed views of the Hudson River and Manhattan skyline.

The apartment, Unit 11FG, was initially two separate units, which the seller combined into a 3,000-square-foot pad more than a decade ago. The renovations included installing central air conditioning. The apartment has four bedrooms and four bathrooms.

“It’s one of the most coveted lines,” said Mike Kotler of New and Modern Group, who represented the buyer. “Add to that central AC, a high floor, four bedrooms — now you’re talking. There’s a limited inventory of homes that check all these boxes.”

Kotler added that the unit was one of the largest to sell in Northeast Hoboken, the area of the city where the Hudson Tea Buildings are located, over the last few years. The last time a condo above 3,000 square feet traded was in 2023, and that unit only had three bedrooms.

Similar to other markets in the Northeast, a lack of inventory has pushed prices higher in Hoboken, as many homeowners with low mortgage rates are hesitant to sell their properties, said Brown Harris Stevens’ Peter Cossio, who had the listing. That inventory compression is more pronounced in a city like Hoboken, which is already a “really defined area” with a relatively small number of homes within its confines.

The median sale price for a home in Hoboken was $895,000 in March, up nearly 23 percent from the same month last year, according to data from Redfin. The median price per square was $944, up more than 14 percent year-over-year.

Though prices are climbing, Cossio said that for many buyers, purchasing in Hoboken is a value play, especially compared to some waterfront neighborhoods in Brooklyn that are popular destinations for people looking for easy commutes into Manhattan. The city also hasn’t seen the same development boom as Jersey City, where new luxury towers are fetching record-high deals.

“I know there’s a stigma about living in New Jersey, but it’s really a lovely place,” Cossio said, pointing to the area’s larger apartments, multiple schools and handful of redevelopment projects. “There are real positives to living here.”