Hoboken Wonder Bread Factory Being Turned Into Lofts

HOBOKEN, NJ — Construction is progressing rapidly at Wonder Lofts – Prism Capital Partners’ industrial-to-residential transformation of the former Wonder Bread factory on Clinton Street in Hoboken. The Nutley, N.J.-based adaptive reuse specialist partnered with Angelo, Gordon & Co. and Parkwood Development Corp. to transform the c. 1909 bakery building and surrounding site; Wonder Lofts ultimately will include 83 for-sale and six rental multifamily units in three buildings.

As operating partner, Prism is overseeing the construction of Wonder Lofts. The property, designed by Minervini Vandermark, will feature preserved, architecturally significant detail. The conversion of the existing seven-story buildings will introduce 68 luxury condominium units. The two- to five-bedroom loft-style homes will range in size from 1,200 to 2,700 square feet. All will feature private direct-access terraces or rooftop terraces with water, electric and gas hookups.

The second building will be built on the corner of 8th Avenue and Clinton Street. That five-story structure will include 15 additional condo units. A third building, also located on Clinton Street, will include six affordable rental apartments on five stories.

Prism anticipates opening the Wonder Lofts sales office in March 2021 and delivering the first homes in June.

“Hoboken remains one of the state’s most robust residential and commercial markets,” noted Prism Capital Partners’ Robert Fourniadis, senior vice president, residential. “Future residents of Wonder Lofts will be situated in the heart of this dynamic community and all that it has to offer.”

Wonder Lofts residents will also benefit from 10,000 square feet of indoor and outdoor amenity space including a fitness center, pool, meeting and media rooms, lounges, kitchens and entertainment areas. The community will include 2,300 square feet of street-level retail fronting on Clinton and 8th, and ample on-site garage parking, and will provide easy access to mass transit.

“This much anticipated adaptive reuse project is our first foray into the Hoboken multifamily market, and we are pleased to be delivering this distinctive housing option to future residents,” said Prism’s Eugene Diaz, principal partner.

The $120 million Wonder Lofts project continues Prism’s established success in the industrial-to-residential adaptive reuse arena. The firm in 2018 completed Edison Lofts at Edison Village, the award-winning, mixed-use redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. The 21-acre Edison Village site – slated for additional multifamily development – represents the largest non-waterfront adaptive-reuse project in New Jersey. Prism also redeveloped the award-winning Parkway Lofts, a landmark c. 1913 former General Electric Company warehouse that opened as luxury multifamily rental in 2013 and was sold to Clarion Partners in 2015.

This press release was produced by Prism. The views expressed here are the author's own.