2
Over the last 20-30 years, Hoboken has undergone a complete transformation from a working-class, industrial port city to one of the most prestigious and affluent communities in the nation. Driven by a precipitous rise in real estate prices in Manhattan, Hoboken emerged as a lifestyle and cost alternative to New York City while just a short PATH or Ferry Ride away.
THE EVOLUTION OF HOBOKEN OVERVIEW
Once a niche market, today Hoboken is a bona fide destination for young professionals, Fortune 500 Corporations, and high-end retailers, which gravitate to the City’s urban charm and vibrant lifestyle environment.
3 10,00012,0008,0006,0004,0002,0000 010,00020,00030,00040,00050,00060,000 1990 2000 2010 2020 4,625 9,709 EXPLOSIVE GROWTH RESIDENTIAL UNITS POPULATION 110% INCREASE IN RESIDENTIAL UNITS GROWTH65% 54,966 33,397 1960s2020
4 DEMOGRAPHICSUNMATCHED58,954 28,703 POPULATION HOUSEHOLDS
5 $190,662 33.4 AVERAGEINCOMEHOUSEHOLD MEDIAN AGE
6
7
Made up of young professionals who work in finance, economics, law, communications and computing. They are mostly legally single. Many work from home and are recognized for being connected through laptops and cell phones at all times. Their interests are clothing, traveling, reading, and visiting bars and cafes; but at the same time they are people who save money. They exercise, kayak and are interested in organic food. They are people who get involved in artistic and cultural institutions. Like the first group, they use public and environmentally friendly means of transport.
*Of households
LAPTOPS AND LATTES - 25.8%*
TRENDSETTERS - 13%*
Hoboken’s residents and visitors are young professionals in their 30’s with strong incomes that allow them to have a life of consumption; especially since a large part have not yet formed families.
HOBOKEN RESIDENTS INTERNATIONAL MARKETPLACE - 27.5%*
The third group is made up of young professionals who live alone, with roommates or with their partners in exclusive apartments. They are wellpaid professionals, who have financial freedom. When it comes to money, they spend more than they save. They care about their image, they have the latest technology and use their cell phones to communicate continuously and maintain frequent social activities. They are concerned about the environment and go to more refined supermarkets. Like the two previous groups, they are people who leave the car aside, and walk, bike, or use public transportation.
The demographics are made up of 3 predominant tapestry segments. Made up of young international consumers, interested in personal style and child products. They are people who rent old apartments and whose jobs are mainly in services. They are people who use public transportation, walk or bike. They consume mostly digital media.
OFFICE8 MARKET CORPORATE ANCHORS REINFORCE LOCATION A critical component of Hoboken’s transformation has been the longterm commitments made by a number of major corporations, who were drawn to the city’s walkable urban environment, access to highly educated talent on both sides of the Hudson, and the ±44% discount in average office rents compared to Manhattan. Since 2002, these corporate tenants have brought more than 5,000 highly paid employees to the Hoboken Waterfront, dramatically reshaping the area’s demographics and increasing demand for the City’s restaurants, retail shops, and residential developments. 37,000 SF138,000 SF 414,000 SF HQ
9 2008 2014 2015 22,000 SF 93,000 SF 206,000 SF HQ 59,000 SF HQ 40,000 SF HQ 40,000 SF HQ 100,000 SF HQ 202,000 SF HQ 168,000 SF HQ
Commuter rail service offering 11 train lines throughout New Jersey and New York, (seven of which terminate in Hoboken Terminal) providing regional access and Amtrak connectivity via Newark Penn Station (30 minutes)
24/7 subway system that carries nearly 285,000 riders daily and connects Hoboken (via Hoboken Terminal) with Newark and Harrison to the west, Jersey City to the south, and numerous points in Manhattan to the east
The Washington Street Portfolio benefits from its central location within Hoboken, one of the most transit-oriented cities in the country, with numerous forms of mass transit offering unmatched access to Manhattan in under 10 minutes. Hoboken’s infrastructure is a critical component of its longterm viability, illustrated by it status as the fourth most densely populated city in the US.
Light rail system with 55,000 daily riders that connects Hoboken (via three stops at Hoboken Terminal, 2nd street, and 9th street) with Jersey City and Bayonne to the south and Weehawken, Union City, and North Bergen to the north
Privately owned ferry service with 30,000 daily riders that connects Hoboken (via stops at Hoboken Terminal and 14th street) with Manhattan at Midtown/W39th St, Brookfield Place/Battery Park City, and Pier 11 Wall Street
OFFICE10 MARKET HUBTRANSITMASS
11 Multiple large-scale investment initiatives are driving the continued transformation of Hoboken into one of the region’s most dynamic live/work/play/stay environments. WASHINGTONININVESTMENTCONTINUEDHOBOKENSTREETREHABILITATION&REDESIGNPROJECT $17M project by the City of Hoboken to make substantial roadway and infrastructure upgrades, which will greatly enhance the flow of traffic and walkability along Washington Street Approved 349-key, 20-story hotel by KMS Development at 89 River Street that will more than double the amount of rooms in Hoboken, and will generate an estimated $21.4M in additional annual spending Recent rezoning of the entire Stevens Campus, which will feature two new glass high-rise residence halls with approximately 1,000 beds above a state-of-the-art Student Center
DESTINATIONLIFESTYLEBURGEONING RETAILERS IN THE SHOPPINGMARKET TraderNikeShadeLovesacAthletaWestAnthropologiePaperWarbyLululemonSephoraParkerSourceElmStoreJoe´s DINING Blue ShakeHoneyPlayaBweO’BagelStoneKafeBowlsGrowShack WELLNESS NY Sports Club F45 Slt Dry JuiceSoulBarCyclePress 12 GEORGETOWN,CAMBRIDGE,SOHO,
retail markets in
RETAIL MARKET
BURGEONING LIFESTYLE DESTINATION As Hoboken’s retail landscape continues to evolve, Washington Street is positioned become a prime destination for some of the world’s leading lifestyle brands. These tenants are drawn to Hoboken’s walkable downtown environment, demographics, placing it among the top the country.
mass- transit connectivity, and unmatched
SHIFTPARADIGMRETAIL
Hoboken’s rapid gentrification has drawn substantial demand from national retailers, high-end boutiques, and organic eateries, who cater to the city’s affluent millennial population. The City’s changing consumer base has induced a monumental shift in the retail along Washington Street, which will continue to improve in the coming years
CAMBRIDGE, MA SOHO, NYC
GEORGETOWN, D.C.
14 LIVE
LIFESTYLE ORIENTED Two of the nation’s fastest-growing fitness and health brands came together to revamp Hoboken’s historic Hudson Reporter Building in 2018
15
THE FOREFRONT
EXPERIENCE-DRIVEN Opened its second “Sephora Studio” concept store at 319 Washington in 2018, offering a tech-driven, highly-customized shopping experience
NEXT-GENERATIONOFRETAIL
SOCIALLY CONSCIOUSENVIRONMENTALLY& E-retailer known for its affordable eyewear and charitable programs opened one of its first New Jersey stores at 538 Washington in 2018
BRICK-AND-MORTAR FOR E-RETAILERS First brick-and-mortar “experience center” opened in 2017 for the Hoboken-based e-retailer of natural and organic mattresses
PORTFOLIO OVERVIEW 32 WASHINGTON STREET 96 Hudson Street - Artichoke Pizza 99 Satay Malaysian Cuisine 112 Sticky's Finger Joint 116 Cold Stone Creamery 120 Honeygrow 131 The Fix 133 T-Mobile 200 Glosslab 202 Madewell 222 Nike Live 227 & 229 Quality Greens Kitchen/ 231230ChipotleBluemercuryCityMDUrgent Care 302 LoveSac 319 Sephora / Project Sculpt 102134671112 201617181921222324252627282930 3234333135 14139158 WELLNESS&HEALTHSERVICES&GOODSBEVERAGE&FOOD5 507 Framebridge 514 Brooklyn Dumpling Shop 524 Hoboken Pet 527 Gong Cha 529 Chicken Factory 535 Piki Poke 537 616600GlosslabO’BagelMikeSquared Bar & Grill 644 The Shade Store 730 Dune & Salt 932 1018SpeshGarden Street School Of The Performing Arts / M&T 1028 Framing On Washington 1039 Sirenetta Seafood & Raw Bar 1100 BCB Bank 255 Fourth Street - Doctor's Office 158 14th St. Joseph's Children's Hospital / Hoboken Montessori 210School14th St. - CVS/ NYSC / Chase 1426BankWillow Ave. - Orale Mexican Kitchen 35 34 16
1 6WASHINGTONSTREET458 11 14 13 17 16 2318 21192022 262524 292827 30 31 33 109 15 31 PROPERTIES 104 RESIDENTIALUNITS 39 TENANTSRETAIL ±750’ TOTAL FRONTAGE ON WASHINGTON 3 17 2 7 12
1. 96 Hudson Street - Artichoke Pizza 9. 202 Madewell 16. 507 Framebridge 24. 616 Mike Squared Bar & Grill 25. 644 The Shade Store 31. 1100 BCB Bank 2. 99 Satay Malaysian Cuisine 10. 222 Nike Live 17. 514 Brooklyn Dumpling Shop 3. 112 Sticky's Finger Joint 4.116 Cold Stone Creamery 19. 527 Gong Cha 27. 932 Spesh 11. 227 & 229 Quality Greens /Chipotle 18. 524 Hoboken Pet 26. 730 Dune & Salt 32. 255 Fourth Street - Doctor's Office 33. 158 14th St. Joseph's Children's Hospital / Hoboken Montessori School
5. 120 Honeygrow 12. 230 Bluemercury 20. 529 Chicken Factory 6. 131 The Fix 7. 133 T-Mobile 13. 231 CityMD Urgent Care 21. 535 Piki Poke 28. 1018 Garden Street School Of The Performing Arts / M&T 34. 210 14th St. - CVS/ NYSC / Chase Bank 14. 302 LoveSac 22. 537 Glosslab 29. 1028 Framing On Washington 35. 1426 Willow Ave. - Orale Mexican Kitchen8.200Glosslab15. 319 Sephora / Project Sculpt 23. 600 O’Bagel 30. 1039 Sirenetta Seafood & Raw Bar
LET’S CONTINUE THE CONVERSATION. VANESSA MENDOZA (301)vmendoza@federalrealty.com998-8218 STUART BIEL (301)sbiel@federalrealty.com998-8389