The result was The Artisan; a 102,000 square-foot mixed use development that was financed by a $16 million loan. What exactly is The Artisan? Located at 1400 Clinton St & 1440 Grand St, The Artisan includes two separate four story apartment towers, joined by a two story base which houses retail space. Amenities of The Artisan include a lounge, fitness center, private courtyard, private parking, and a business bar for all to enjoy. The apartment began their availability in October 2013 and just five months later, the place was fully booked.
Five months! That is pretty crazy, however it portrays the true demand for upscale luxury rental living in Hoboken. In that five months, 59 total units were filled with 1 Bedrooms going for $2,500/month, 2 Bedrooms $3,300/month, and 4 Bedrooms $4,700/month. These prices near the lofty monthly rates of NYC itself, and they were snatched up in no time.
This project was a huge success, once the news broke of the building being rented to full capacity, a Chicago real estate investment firm opened up the checkbook and bought it.
How much is this development worth? LeSalle Investment Management spent a hefty $33.5 Million to purchase The Artisan. LeSalle, a company that oversees $47.6 billion of public and private property equity and debt investments, is a leading global real estate investments manager. This is more proof, not that any was needed, that Hoboken is thriving and most likely will continue to develop towards the upscale lifestyle.