Former Grocery Store Building In North Jersey Fetches $8.2M Cash From Developer

HOBOKEN, NJ — A building that includes a shuttered grocery store on Hoboken’s main street has sold for $8.2 million cash, the brokers said.

The two-story building holds the defunct Aspen Market, which was shut by the state of New Jersey last July.

The market, at 226-228 Washington St., specialized in fresh fruits and vegetables. It was shut last year for "general enforcement violations" related to paying the employees, said the state of New Jersey's Department of Labor at the time.

A stop-work order was issued the same month. READ MORE: Grocery Store In Hoboken Shut By State Of NJ For 'Various Violations.'

The two-story site was listed for potential redevelopment as residences.

CBRE was the exclusive listing agent on the 15,393-square-foot property, advertising that a buyer could "potentially build an additional 16-20 luxury residential units above the first floor, subject to approvals."

JFA Hoboken was the buyer.

Charles Berger of CBRE, who brokered the deal along with Sam Bernhault, said, “We were able to achieve a purchase price that translates to over $1,000 per square foot in an all-cash transaction. The new ownership now plans to secure entitlements to develop a mixed-use property.”

Located on the south end of the main street, approximately six blocks from the Hoboken Train Terminal, the building is "In arguably one of the most highly coveted locations in New Jersey," the listing says.