Our newest Hoboken development at 301 Washington Street, a $45 million ground-up mixed-use property, joins our broader ownership footprint in the neighborhood. Federal Realty currently owns and operates approximately 40 buildings on and around Washington Street, giving us a unique opportunity to shape the district’s growth and future trajectory
With Hoboken’s tight 3.7% vacancy rate and rental growth outpacing the metro average by nearly double, this property reinforces how our high-quality portfolio thrives in high-demand markets
“Our new Hoboken development reflects our continued strategy to invest strategically in high-barrier, high-return locations,” shares Patrick McMahon, SVP, Regional Development. “This asset is projected to deliver between 6% and 7% year-one returns, with substantial growth potential as the neighborhood continues its upward trajectory.”
Hoboken: From industrial hub to urban community
Over three decades, Hoboken has evolved from an industrial port city to a vibrant community, a transformation that positions 301 Washington Street for exceptional performance relative to competing submarkets.
Driven by the rise in real estate prices in Manhattan, Hoboken today serves as an appealing lifestyle and cost alternative to NYC, just a short train or ferry ride away. Other key market trends include:
Demographics driving demand: Nearly one-third of Hoboken’s 60,000 residents fall within the 20–34 age range, creating robust demand for more modern residential offerings and retail options.
Limited supply, premium returns: Hoboken’s constrained development environment has driven 3.2% rent growth over the past year, nearly double the 1.7% metro average.
Unmatched connectivity: Residents enjoy multiple transit options with access to Manhattan, including 24/7 PATH service, a light rail system, commuter rail service, and a ferry system that connects Hoboken and Manhattan.
“This asset is projected to deliver between 6% and 7% year-one returns, with substantial growth potential as the neighborhood continues its upward trajectory.”
Patrick McMahon, Senior Vice President of Regional Development
301 Washington Street: Creating value through retail and residential
301 Washington Street is ideally located on Hoboken’s busiest commercial corridor and primed to become a top destination for widely recognized and sought-after brands. This development is part of the larger transformation we’re leading across the district, one that reflects both our mixed-use strategy and our ability to attract exceptional national and global retailers.
Led by Federal Realty’s ongoing commitment to sustainability, the development targets LEED Gold certification through energy-efficient lighting, appliances, and plumbing fixtures throughout the entire project.
Retail That Performs
With 10,233 square feet of prime ground-floor retail, the contiguous commercial space will feature five storefronts filled with natural light. The project’s design will integrate modern features with the charming historical character of the neighborhood.
Retail leasing is already generating strong interest from high-end global retailers, with multiple agreements pending announcement and more in progress. This early momentum reflects the caliber of tenants Federal’s approach attracts, a pattern already visible across our broader Hoboken portfolio.
Residential Appeal
At 301 Washington Street, 45 thoughtfully designed residences bring high-end living to the heart of Hoboken—offering an urban lifestyle without the Manhattan price tag.
Rising five stories, the building will pair upscale finishes with standout amenities like a rooftop terrace and indoor bike shop, appealing to residents who value both comfort and convenience.
A strategic investment in Hoboken’s future
With construction underway, the project stands as a clear marker of how Federal reinvests with intention, targeting markets with long-term upside and aligning every move with our broader growth strategy. Our commitment to Hoboken runs deep, with more than 40 buildings across the district.
As cities like Hoboken evolve as desirable alternatives to core urban areas, our strategic approach leverages prime locations and mixed-use expertise to create long-term value for our investors, our residents, and our communities. With an upgraded tenant mix and an engaging environment, 301 Washington Street is poised to become a vibrant destination for the Hoboken community.
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