New and Pre-to-Late 1970s-Era Buildings Continue to Attract Investment HUDSON COUNTY, NJ, October 27, 2016– Hudson County’s multi-family properties – from newly constructed to those built pre-to-late 1970s – continue to sell like hotcakes thanks to proximity to the nation’s most expensive apartment-rental and in-demand job market just across the Hudson River, according to Gebroe-Hammer Associates. The Livingston-based multi-family investment brokerage firm recently finalized a total of eight sales countywide, the largest of which was the $18.5 million sale of 60 units at 400 Passaic Ave., in East Newark.
Built in 2013, the four-story property – known as St. George Harrison Apartments – is one of the borough’s newest luxury apartment-rental communities just 20 minutes from Manhattan and two minutes to Newark. Comprised of 24 one-bedroom (720 SF) and 36 two-bedroom (1,184 SF) units, upscale amenities include modern open kitchens equipped with stainless steel appliances, hardwood floors, in-unit washer/dryer, central heat/air conditioning and a private terrace with New York City views. Controlled access, a resident lounge, private fitness center, landscaped terrace and heated on-site garage also are among the community features.
“East Newark is one of Hudson County’s best-kept secrets. It is a close-knit community near everything a commuting professional seeks, from shopping and dining to walkable public transit at the Harrison PATH, offering a 25-minute connection to New York and a five-minute connection to Newark,” said Nicholas Nicolaou, senior vice president and the firm’s Hudson County market specialist. “The St. George Apartments is representative of the wave of new inventory that is being introduced into Hudson County and the positive rippling effect it is having on existing product.”
This is most evident in Jersey City, where Nicolaou recently closed four separate transactions. He exclusively represented the seller and procured the buyer in the $7.2 million trade of 53 units at 590 and 639 Bergen Ave. Built in 1966, the well maintained, fully occupied at-the-time-of-sale garden-apartment complex is located in the heart of bustling McGinley Square.
“This property exemplifies how existing product can undergo capital improvements to reinforce its historically high occupancy rates while achieving long-term rent appreciation in a revitalized neighborhood undergoing a great deal of new construction,” said Nicolaou.
Additional Jersey City sales arranged by Nicolaou include a three-building, 26-unit portfolio, with properties located at 385 Danforth Ave., 121 Sherman Ave. and 208 Webster Ave.; eight downtown units at 367 2nd St.; and a 3,000+-square-foot midrise located in Journal Square.
In the Hudson County hub of Union City, Nicolaou also orchestrated the $3.15 million trade of 35 units at 508 Monastery Pl., featuring a mix of studio and one-bedroom layouts, while Gebroe-Hammer Vice President Debbie Pomerantz spearheaded the $2.357 million sale of 23 total units located at 526-628 28th St. and 214 44th St. Rounding out Gebroe-Hammer’s latest Hudson County activity is the sale of 19 units in Bayonne.
“In general, Hudson County properties built between pre-to-late 1970s are projected to have average occupancy rates of 97+% from now through 2018, remaining virtually unaffected by the introduction of new construction into the submarket,” added Nicolaou. “Completion of new product, which is pulling rents up regardless of property class and year built, bodes well for all properties across the board. Based on the latest data, asking and effective rents are anticipated to continue their advance on an annualized basis through 2017 and 2018.”
Gebroe-Hammer is one of the most active multi-family investment sales brokerage firms in Hudson County, N.J. and the entire tri-state region. The firm’s brokerage activities concentrate on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is an 11-time CoStar Power Broker.
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