Argo Real Estate and Alpine Development complete $33.55 million sale of The Artisan

According to Argo Real Estate and Alpine Development, The Artisan, a 59-unit luxury residential development located at 1400 Clinton St. and 1440 Grand St., has been sold for $33.55 million. The 102,000 s/f, six-story, mixed-use building is comprised of two separate four-story apartment towers joined by a two-story base retail space. The property was purchased by LaSalle Investment Management in an off-market transaction. Argo Real Estate, one of New York City's longest-standing independent real estate companies, partnered with Alpine Development in a joint-venture for the project. They received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing of the 59 luxury residential units in October 2013. With The Marketing Directors, Inc. as the exclusive marketing and leasing agent for the property, residential units at The Artisan were fully leased within four months. For more than 60 years Argo has operated a property management, brokerage, and development firm in New York City. The Artisan marked Argo's first development foray into the New Jersey residential market. Prior to this development, Argo completed several gut-rehabs including 562 West End Avenue. "LaSalle Investment Management recognized that this development truly brought luxury loft-style living to the Hoboken residential rental market," said Mark Moskowitz, CEO of Argo Real Estate. "Throughout construction, the entire development team remained dedicated to ensuring that The Artisan offered the highest quality amenities."