16B — May 11 - 24, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
844 Park Ave. sells in the highly coveted Gold Coast town Redwood Realty Advisors brokers $3.3 million sale in Hoboken
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two buildings featuring a total of 10 residential apartments with a unit mix of one-bedroom / one-bath, two-bedroom / one-bath and two-bedroom/ two-bath units with on-site parking. “Hoboken continues to see robust demand for quality, pre-war multifamily housing,” said Steve Matovski, director at Redwood Realty Advisors. In addition, 844 Park Ave. is a well-maintained asset in the heart of Hoboken that of- fers stable in-place cash-flow with strong rental upside, he added. Matovski represented
both the buyer and seller in the transaction. This marked the first sale of this asset in over 50 years. The seller, a private investor, had owned and managed the prop- erty since the mid 1960’s. “In this case, the long-term owner was able to execute on a sale that maximized value at near peak market pricing,” said Thomas McConnell, CCIM , managing partner at Redwood Realty Advisors. “Steve and his team really did a great job in marketing the property widely to garner a large pool of bidders.” Irving of Bussel Realty Corp. inks sale of 1323 Rte. 27 in Somerset Somerset, NJ — Bus- sel Realty Corp. (BRC) , one of the leading industrial and investment real estate services firms in New Jersey, announced its arranged the sale of 1323 Rte. 27 in Somer- set, a 10,800 s/f office medical building, for $1.163 million. Gregory Irving , executive vice president of BRC, rep- resented the owner, Kothari Family Trust, and the buyer, Somerhill Ventures. Irving is currently marketing the sale of 1303 Route 27 in Somerset, New Jersey, a 11,124-square- foot investment, office medical building. 1323 Route 27 is a 10,800 s/f office medical facility located off Route 27, near downtown New Brunswick, Route 1 and 18, and the New Jersey Turn- pike. The story-story property is partially leased to several medical practitioners and has two units available to inter- ested practitioners. The property has great access to the area’s major hospitals including Robert Wood Johnson, Saint Peter’s Healthcare System, and Chil- dren’s Specialized Hospital. It is also near to Rutger’s University Cook and Douglas Campuses. 1303 Route 27
a s b r o u c k Heights, NJ — Redwood Realty
Advisors announced the sale of 844 Park Ave. in the highly coveted Gold Coast town of Hoboken for a sale price of $3.3 million. 844 Park is a highly desir- able location within minutes of multiple mass transit sta- tions that provide access to World Trade, Downtown and Midtown Manhattan. The property is also just steps from iconic Washington Street, Hoboken’s retail thoroughfare. The property was comprised of
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