M id A tlantic Real Estate Journal — New Jersey — April 10 - 23, 2020 — 9B
www.marej.com
N ew J ersey
Properties include Stoney Brook Gardens and Executive Arms Apartments Gebroe-HammerAssociates arranges twoPlainfield NJ multifamily sales totaling 97 units / $15.23M P
Enterprise Zone incentives and three state-designated Opportunity Zones. Plainfield is one of the state’s hottest cities for multifamily invest- ment right now.” In addition to focusing on Union County, Tragash’s market expertise extends to Hunterdon and Sussex counties as well as parts of Morris County. He repre- sents a wide range of private individuals, family offices, private equity funds and institutional-investor clients in some of the region’s most prominent market and off- market transactions.
“The half-a-billion dollar Plainfield Redevelopment Plan is already having a fa- vorable impact on existing properties such as Stoney Brook Gardens and Executive Arms Apartments, which will benefit from the delivery of 700+ on-the-books workforce housing and luxury units as well as the adaptive reuse of Muhlenberg Hospital,” said Tragash. “The introduction of new housing options, along with medical office mixed-use redevelopment, will strength- en the area’s robust tenant pipeline in a suburban cor- ridor that also offers Urban
LAINFIELD, NJ — In the city-on-the-rise of Plainfield, Gebroe- Hammer Associates has arranged two separate mul- tifamily transactions total- ing 97 units that sold for a combined $15.23M. The sales of Stoney Brook Gardens at 643-715 E. Front St., and Executive Arms Apartments at 309-315 W. 8th St., were spearheaded by executive vice president Stephen Tra- gash , a Union Countymarket specialist. “Plainfield has launched an aggressive redevelopment plan focusing on leveraging the medical and performing arts while adding to its exist- ing housing stock in order to attract millennials and fami- lies,” said Tragash. “The city’s solid urban core, vibrancy and strong existing infrastructure are what attracted each of the buyers, both of whom recog- nize the untapped value-add and repositioning potential at these existing properties.” The largest of the two trades involved the $12M sale of Stoney Brook Gardens along the city’s main East Front Street corridor. Built in 1961, the classic garden-apartment complex features 70 units, all of which are 1,033 s/f 2BR/1 Bath layouts. In addition to the convenience of front-door NJ Transit Bus service to and from Port Authority Bus Ter- minal in Midtown Manhat- tan, Stoney Brook Gardens is within walking distance to a supermarket, banks, houses of worship, schools and din- ing. Plainfield Station and Netherwood Station, offering NJ Transit Raritan Valley Line rail service to New York City, are approximately one mile away. Tragash represented the seller of Stoney Brook Gar- dens, Stoney Brook Associates LLC, and identified the buyer, a private unnamed investor. In the $3.23M trade of Ex- ecutive Arms, Tragash also represented the seller, 315 West 8 LLC, and Niko Nico- laou , executive vice presi- dent, procured the buyer, a private unnamed investor. Situated between Madison and Central avenues, Execu- tive Arms consists of 27 units, all of which are 950 s/f stu- dios. Each features hardwood flooring, controlled access, full baths and kitchenettes with oak cabinetry, refrigerator
Stoney Brook Gardens
and gas range with oven. NJ Transit bus service and rail service are one block and half-
a-mile away, respectively, along 7th Avenue and at Plainfield Station.
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