O wners , D evelopers & M anagers
Mid Atlantic Real Estate Journal — Section B
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48-unit luxury property trades for nearly $334,000 per unit Cushman & Wakefield completes $16.05 million sale of Hudson Gold Coast Apartments
ALISADES PARK, NJ — Commercial real estate services firm Cushman & Wakefield has orchestrated the sale of Madi- son House, a 48-unit luxury apartment property at 411 E. Brinkerhoff Ave. in Palisades Park. The $16.05 million sale price factors out to nearly $334,375 per unit. Cushman & Wakefield’s Metropolitan Area Capi- tal Markets Group (CMG) team of Andrew Merin , David Bernhaut , Gary Ga- briel , Brian Whitmer , and P HI-LIGHTS Feb. 28 - Mar. 13, 2014 Marcus & Millichap arranges sale of 44-units for $3.44m
ing, offers a mix of one- and two- bedroom units averaging 1,049 s/f, a two-level parking deck, and 2,400 s/f of street level retail. Located in Bergen County, just five minutes from New York City via the George Washington Bridge and two miles from a water ferry ter- minal, Madison House is situ- ated in the Hudson Gold Coast submarket. “The Gold Coast has proven to be one of the fastest appreciating and most liquid apartment investment markets in the New York tri- state region,” said Whitmer. ”Because this is a recently constructed luxury community in a borough whose residential stock averages 60 years old, this offering was particularly attractive for potential inves- tors due to being able to offer a differentiated and attractive product,” said Whitmer. “An- other factor is that the local area lacks an abundance of “This asset had been mar- keted unsuccessfully by com- peting brokerages for sev- eral years. By leveraging our unparalleled marketing platform that enables our sellers to repeat the benefits of out-of-the are capital, spe- cifically Manhattan capital, competing with local capital, we were able to create an auction-like environment to obtain a top-of-the market price,” said Matovski. The five story brick build- ing consisted of (39) 1Bdr 1Ba, (4) 2Bdr 1Ba and (2) 3Bdr 1Ba apartments. Over twenty of the forty five units had unobstructed views of the Manhattan Skyline. InWest NewYork two sepa- rate transactions totaling 24 Units located on 62nd St. traded for $1,075,000 and $1,100,000, or $90,625 a unit. Once again Steven Matovski represented the seller and
Ryan Dowd represented the seller, Madison House Holdings , a Blumberg & Freilich Equities affiliate, and identified the buyer, a Manhattan-based privately held real estate firm. The CMG team in conjunction with JohnAlascio of Cush- man &Wakefield’s Equity, Debt and Structured Fi- nance Group arranged the financing for the buyer. “This opportunity attracted a great deal of interest from both multi-family investors as well as condominium con- verters. It is encouraging to see that segment of the market start to make a come- back,” said Whitmer. Completed in 2011, the community has upscale con- dominium-quality features such as granite countertops, stainless steel appliances, hardwood floors, and in-unit washers and dryers. The prop- erty was 96% occupied at clos-
Madison House
rental housing options, with two-thirds of the inventory being owner-occupied.” “This building is also unique in size and scale because of the difficulty in assembling land parcels in mature, infill
markets such as Palisades Park, coupled with the abil- ity to obtain development approval for a 100 percent market-rate, non-age-re- stricted rental community,” said Whitmer. n
Five transactions totaling 98 units in New York & New Jersey Matovski, Gambuzza & Radwan of Marcus & Millichap complete $10m+ in multifamily sales
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purchaser. “Multifamily is in high de- mand in the North Hudson submarkets, occupancy rates are in the upper 90’s and proximity to mass transit and immediate access to Manhat- tanmakes this very appealing to many investors. West New York continues to be one of the more supply constrained markets in Hudson County, favoring the imbalance of supply and demand,” said Matovski. Both assets were three and four story brick buildings, (7) 1Bdr 1Ba and (17) 2Bdr 1Ba apartments. Over 50% of the apartments had been recently renovated. In Jersey City two sepa- rate transactions totaling 29 Units traded for $2,270,000 or $78,275 a unit. Steven Matovski represented the sellers and Maz Radwan , senior associate, and Steven
Matovski represented the purchasers. “Jersey City has sustained strong demographic growth, new developments in Jour- nal Square is helping push gentrification both to the north and south to McGinley Square, Bergen/Lafayette, Westside and Heights Sec- tions of Jersey City making it an ideal area to invest. The overwhelming demand for multifamily topped with favorable interest rates has made this a robust niche for purchasers,” said Matovski. Both properties were three and four story brick build- ings, (10) 1Bdr 1Ba and (19) 2Bdr 1Ba apartments with immediate access to Routes 1 & 9 and Route 440. “Funds, REITS, syndicates and private investors are flocking to the Gold Coast, 2014 will be a record breaking year,” said Matovski. n
UDSON COUNTY, NJ — Marcus &Mil- l i c -
Mack-Cali/Ironstate break ground on $291m development
hap Rea l Estate In- v e s tmen t S e r v i c e s has arranged the sale of five separate multifamily transactions
Steve Matovski
in Hudson County totaling over $10 Million. The five separate transactions total 98 Units in West New York & Jersey City. InWest NewYork the Carla Nicole a 45 Unit multifamily property located on Boulevard East traded for $6,060,000 or $134,666 a unit. Nat Gam- buzza, vice president of in- vestments and Steven Ma- tovski an associate based out of the New Jersey office, represented the seller and procured the purchaser.
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ALSO INSIDE Green Buildings..........7-14B USGBC NJ........................14B NJAA................................19B IREM...........................20-21B
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