4B — August 14 - 27, 2020 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Multifamily asset in JerseyCity’s newest budding neighborhood features 58 Apartment homes Gebroe-Hammer’s Nicolaou arranges $23.75m sale of the Fairmount at McGinley Square
ERSEY CITY, NJ — In one of Jersey City’s most popular budding multi- family investment sub- markets, Gebroe-Hammer Associates has arranged the $23.75Msale of The Fairmount at McGinley Square, featuring 58 newly constructed class A apartment homes atop 3,200 s/f of prime commercial space. Executive vice president Niko Nicolaou represented the seller, KABR Group, and procured the buyer, Tenth Avenue Holdings (TAH) Properties . “Completed last year, The Fairmount is a striking urban- J
walkable, transit-centric dis- trict.” Comprised of a mix of stu- dio, one bedroom/one bath and two bedroom/two bath layouts, the 14 spacious floor- plans range from 412 s/f to 1,003 s/f. Apartment features include gourmet kitchens, designer baths, vaulted ceil- ings, custom closets, in-unit washer/dryer and modern oversized windows. A rooftop deck with NYC skyline views, BBQ and picnic area for al fresco dining, gated private driveway and ground-floor covered parking and bike storage also round out The Fairmount’s abundant on- premises lifestyle amenities. “Connectivity is McGinley Square’s greatest strength, from transit and blue-chip employers to parks and cul- tural venues,” said Nicolaou, who noted Midtown and DowntownManhattan Direct PATH train service is avail- able less than one mile to the south at Journal Square Transit Center. The area also is served by five neigh- borhood bus lines, including front-door NJ Transit ser- vice, and direct access to the Holland Tunnel. Local high- way and roadway networks are comprised of I-78, 95 & 280; U.S. Rte. 9; State Rte. 139; and county road access ramps. In addition to the upscale residential component, The Fairmount boasts 3,200 s/f of ground-floor retail space with an all-glass floor-to-ceiling façade fronting Bergen Av- enue. SportsMed Physical Therapy, one of the region’s leading healthcare providers of rehabilitative and health maintenance services, is the long-term tenant. “McGinley Square is well on its way to making a ‘come- back’ as demonstrated by The Fairmount’s per-unit price of $402,500 – which up until now has been primarily limit- ed to the waterfront district,” said Nicolaou. “While the immediate area surround- ing the square has a high concentration of redevelop- ment initiatives, multifamily investment interest is fueling a ripple effect that extends outward.” Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifam- ily types including class A, B and C high-rise and garden- apartment properties. MAREJ
chic core asset and an example of how a premier residential landmark can and does serve as a catalyst for smart-growth neighborhood revitalization,” said Nicolaou, the firm’s Hud- son County market specialist whose multifamily expertise also extends to North and Central Jersey. “Situated at the ‘true heart’ of Jersey City where Montgomery Street and Bergen Avenue meet, The Fairmount’s completion marked the first new develop- ment in almost a decade for the neighborhood. As such, it has paved the way for contin- ued expansion of this highly
The Fairmount at McGinley Square
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