NEW YORKâ€”New York City-based Argo Real Estate has received a $16 million loan from Sovereign Bank to finance the development of 59 residential loft-style rental apartments at 1400 Clinton Street in Hoboken. The first ground-up development for Argo, the company will be partnering with Alpine Development in a joint-venture for the project.
â€śThis is an ideal opportunity for Argo as it is allowing the company to break into new segments of the real estate industry and expand the current business model,â€ť said Mark Moskowitz, CEO, Argo Real Estate. â€śAdditionally our partnership with Alpine Development could not be stronger as they share our vision of Hoboken and the luxury, high-end residential rental apartments we believe will further enhance the tremendous growth and activity within the city.â€ť
The development site at 1400 Clinton Street is approximately 102,000 sq. ft. Plans for the development call for a six-story building, which will contain 59 loft-style rental apartments, with 10 of them being live-work units. The ground floor of the building will be reserved for commercial retail.
Each residential unit in the full-service, elevator building will include high end finishes and appliances, in-unit washers and dryers and lofted ceilings. Amenities available to residents will include private roof decks, playroom, fitness center and on-site parking.
The property is located nearby public transportation with easy access to Manhattan.