HOBOKEN, N.J. - Applied Development Co. has paid $10 million to Starwood Capital Group Global for the 10 percent balance of 333 River St., a 526-unit multifamily asset with 56,723 square feet of street-level retail along the Hudson River Gold Coast.

Jose Cruz and Andrew Scandalios, senior managing directors of Holliday Fenoglio Fowler LP, and directors Jeffrey Julien and Kevin O'Hearn marketed the 10 percent stake for Starwood Capital.

"333 River Street has a tremendous location with views of the Hudson River, New York Harbor and the Manhattan skyline, and is situated within a supply constrained market with lack of new product thereby ensuring long-term success," Cruz said.

The asset abuts Frank Sinatra Park and the new W Hotel. It's also within walking distance of the Washington Street retail/entertainment district and Hoboken Terminal, providing train, transit and ferry service to Manhattan.

Completed in 2002, 333 River St. is a mix of studio, one-, two- and three-bedroom units averaging 923 square feet each. The property boasts 24-hour concierge service, a fitness center, private screening room and lounge, billiards room, rooftop putting green and two children's play areas. The retail space is leased to Fresh Ideas by Kings, Valley National Bank, 3 Forty Grill, Trinity, The Quays, CORT Furniture, Beyond Basic Learning and LA Boxing.

Source:newyorkrealestate