Real Estate Journal — Northern New Jersey — September 16 - 29, 2016 — 7B
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M id A tlantic
N orthern N ew J ersey $177,000+ per unit trade closes at 4% cap rate
Nicholas Nicolaou of Gebroe-Hammer Associates arranges $8 million sale in West New York, NJ
multi-fami- ly trade for Wes t New Yo r k , NJ , t h u s f a r t h i s yea r , G e b r o e - H a m m e r Associates recently ar- ranged the W
tors have a very short list of requirements, which hap- pen to mirror one another. Proximity to mass transit, local shops, schools, dining establishments and parks/ recreational centers are the top-five requisites for both when choosing a place to live and a property in which to invest,” said Nicolaou. Situated atop the New Jersey Palisades, West New York offers picturesque New York City skyline views and is considered the heart of the North Hudson, NJ region. The municipality, which is part of the Hudson Water-
front’s 19-mile Gold Coast, is closely linked to the region’s urban renewal initiatives and gentrification. During the past decade, the sub- market has been the focus of premium multi-family investment. In addition to the 5907 Blvd. East transaction, Nico- laou recently closed the sale of 23 units at 111 61st St. for $2.025 million. Situated between Park Ave. and John- son Place, the four-story walkup is comprised of 14 one- and 9 two-bedroom lay- outs and was fully occupied at the time of sale. n
EST NEW YORK, NJ — In the high- est price-per-unit
Nicholas Nicolaou
$8 million sale of 45 units at 5907 Blvd. East, directly across from Donnelly Memo- rial Park. Senior vice presi- dent Nicholas Nicolaou represented the seller and the buyer, both of whomwere pri- vate investors, in the trans- action. The sale garnered a $177,777 per-unit price and 4% cap rate while establish- ing a new benchmark for the evolving submarket. “Wes t New York has emerged as a vibrant mixed- use neighborhood where new investment, development and an expanding tenant base have gained traction during the past 10 years,” said Nicolaou, the firm’s Hudson County market spe- cialist. “Ranking as one of the top cities in the state and nationwide for its high rent- er-percentage population, West New York stands out for the unique mobility of its residents, distinct cultural heritage, local retail strips and revitalized waterfront.” Located at the corner of John F. Kennedy Blvd. East/ Local Rte. 505 and 60th St., the five-story 5907 Blvd. East property is an eleva- tor building featuring a mix of one- and two-bedroom layouts. It has a bus stop di- rectly out front and is along the town’s main NJ Transit bus-route thoroughfare. Ser- vice runs to Port Authority Bus Terminal in Midtown Manhattan, George Wash- ington Bridge Bus Terminal and the area’s employments centers, including Jersey City’s Newport Centre. The Bergenline Avenue Light Rail Station at the West New York/Union City border and ferry service from Port Impe- rial in Weehawken are also nearby. According to Neighbor- hoodscout.com, West New York is among the top 5% of U.S. neighborhoods in terms of walkability. “Today’s ten- ants and multi-family inves-
5907 Blvd. East
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