M id A tlantic Real Estate Journal — Owners, Developers & Managers — June 26 - July 16, 2020 — 5B


O wners , D evelopers & M anagers

EEHAWKEN, NJ — Gebroe-Ham- mer Associate s has North Hudson Hub Retains High Investment Demand as State Reopens Gebroe-Hammer Associates records $25.35M sale of 99 Multifamily Units at Hamilton House W

for $316.4M. Since that time, in the midst of the Covid-19 shutdown, Gebroe-Hammer’s market specialists have kept several noteworthy New Jer- sey apartment-property trades on track to bring them to clos- ing. These include the $43+M sale of 125 class A units at Bayside Cove in South Amboy, the $25.5M sale of a class A multifamily portfolio spanning Woodbridge Township and $64.9 million in sales over the course of two months involving more than 269 units across the East, Southwest and North- west Middlesex submarkets. “We are still closing deals

during this challenging eco- nomic period as buyers con- tinue to seek out multifamily properties knowing that this asset class will always weather any downturns – as I have witnessed throughout my 45 years in the business – because of the basic human need for shelter,” said Uranowitz. “As we gradually ‘reopen,’ the new normal may indeed encompass a significant telecommuter population base, thereby fur- ther emboldening the strength of multifamily properties – which is the already-favored investment over office and retail asset classes.” MAREJ

finalized yet another pandemic- era multifamily transaction with the $25.35M sale of Ham- ilton House in Weehawken, a 99-unit prominent fixture within the township’s highly desirable Town Center/Down- town District. The broker- age team of Ken Uranowitz , president, who has a 40+-year relationship with the owner, and Niko Nicolaou, executive vice president, exclusively rep- resented the seller, Hamilton House LLC, and procured the buyer, Tuli Realty LLC . Located at 700 John F. Ken- nedy Blvd. East, the 12-story hi-rise stands out for its excep- tional curb appeal along North Hudson’s highly trafficked and most popular residential and commercial corridor. Hamil- ton House was constructed in 1964 and offers a mix of 21 studio, 59 one-bedroom and 19 two-bedroom layouts – the latter of which includes four penthouses. Some of the units also offer private balconies and dens. Lifestyle conveniences and amenities include ample on-premises parking, modern laundry centers, two newly upgraded elevators with dedi- cated lobbies and front-door NJ Transit bus service. “Hamilton House’s central positioning and sustained ten- ant demand rendered this a prime value-add multifamily investment opportunity where the buyer can expand upon the owner’s recent enhancements,” said Nicolaou, the firm’s Hud- son County market specialist. Recent updates completed prior to the sale include a new roof, pointing and modern parapet- wall installation; installation of two modern elevators and a newly constructed, secure package room; comprehensive cable-service updates; andmod- est enhancements to lobbies, hallways and apartment units. According to Uranowitz, “Both the seller and the buyer were committed to seeing the transaction through because Hamilton House is a rarity in any investment environment, given its tree-lined subur- ban-like locale, walkability to grocery stores, pharmacies, banks, take-out and green open spaces – all of which are inte- gral to today’s executive and established-millennial tenant base in this work- and learn- from-home period.”

Hamilton House

The latest apartment-prop- erty sale adds to Gebroe- Hammer’s transaction pace

established in Q1, when the firm reported 18 deals en- compassing 1,574 units sold

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