Mid Atlantic Real Estate Journal — New Jersey — March 14 - 27, 2014 — B
www.marejournal.com
N orthern N ew J ersey Waterfront’s apartment buildings attracting more former Manhattanites Gebroe-Hammer: Hudson County multi-family market flourishes with $4.3m in recent trades
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transportation links. On-site parking and laundry services are among the amenities. In addition to its strong pres- ence inHudson County, Gebroe-
garden-apartment properties. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-
ERSEY CITY, NJ — Hud- son County’s multi-family market, which commands
some of the highest aver- age rents in the region, will continue to be a hub o f i n v e s t - ment activ- ity in 2014, according to
“The difference is that New York City has quickly become too expensive. When compared to just across the Hudson River, Hudson County’s rents are far more affordable.”
Hammer Associates is involved in brokering multi-family in- vestment sales throughout New Jersey, New York and Pennsyl- vania, including Philadelphia. The Livingston, NJ-based firm specializes in suburban and urban high-rise, mid-rise and
term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales per- formance, Gebroe-Hammer is a nine-time CoStar Power Broker. n
Nicholas Nicolaou
the market specialists at Ge- broe-Hammer Associates . The firm recently closed out the year with more than $32 million in transactions along the Hudson waterfront, the latest of which involved two trades of 56 total units sold for a combined $4.3 million. “As the state’s smallest coun- ty, veteran investors know not to judge Hudson County by its size,” said Nicholas Nicolaou , vice president and Gebroe-Hammer ’s Hudson County market specialist. “In- vestors are attracted to the region’s high concentration of apartment-buildings and an ever-growing tenant base fed by migrating former Manhat- tanites, who are being priced out of New York City.” Job growth in Hudson Coun- ty and Manhattan continues to record favorable gains, with rents also ticking upward. “The difference is that New York City has quickly become too expensive. When compared to just across the Hudson River, Hudson County’s rents are far more affordable,” said Nicolaou. Jersey City is the largest city in Hudson County and a major residential and commercial terminus for the New York metropolitan area. The city underwent a major revitaliza- tion spanning more than two decades, rendering it one of the nation’s largest downtowns and sought-after addresses. The latest trades arranged by Nicolaou, who represented the seller and procured the buyer in both transactions, involved two Jersey City properties, located at 272-274 Monticello Ave. and 398 Danforth Ave. Situated in the heart of the McGinley Square neighborhood, the two- building Monticello Ave. com- plex features a mix of one-, two- and three-bedroom units and was fully occupied at the time of sale. The three-story, 32-unit DanforthAve. apartment build- ing offers proximity to schools, shopping and the city’s public
272-274 Monticello Ave.
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