Mid Atlantic Real Estate Journal — New Jersey — June 14 - 27, 2013 — B
www.marejournal.com
N ew J ersey
FOR LEASE IN YOUNGWOOD, PA YOUNGWOOD INDUSTRIAL CENTER
Traded for $15.25m to Sun Realty & Gibraltar Realty Eastern Consolidated sells 189 condos near NJ’s “Gold Coast”
U
nion City, NJ — In a deal that signifies the strength of New
Jersey’s multifamily market, a package of 189 remaining sponsor units at the Lenox, an upscale condominium building situated near Hudson County’s “Gold Coast” at 500 Central Avenue in Union City has just traded for $15.25 million to Sun Realty and Gibraltar Realty . Eastern Consolidated senior directors DeborahGut- off and George F. Moss rep- resented the seller 500 Central Avenue SPE, LLC, while senior director Lipa Lieberman and director Gabriel Saffioti procured the buyer of the large block of unsold condos. “This is a very well-posi- tioned property that will only continue to benefit from the current upsurge in the North- ern New Jersey residential sales market,” said Gutoff. “Union City and the surround- ing areas of Hoboken, Jersey City and Weehawken offer some of the most luxurious Manhattan-style condos at a substantial discount, and this is another indicator of inves- tor demand for luxury-qual- ity, income-producing assets across the river fromNewYork City.” Currently, 142 of the 189 condos are occupied, while 47 of the units are vacant. The package was comprised of 26 studios, 123 one-bedrooms and 40 two-bedrooms. Under the new ownership, the buyer plans to immediately renovate the 47 vacant units with high quality condominium finishes and execute a top notch mar- keting campaign to sell the individual units to end users. As part of the package deal, the purchaser also acquired the building’s four retail con- dominiums (totaling 3,621 s/f of commercial space) and a 225-unit parking lot. In addition, the buyer received holder status from the original sponsor upon completion of the bulk sale, “allowing maximum flexibility in future rentals and sales,” according to Moss. Over the last 18 months, condo sales at the Lenox have averaged $230 psf. Attorneys in the transaction were Anthony Romano, Esq. of Connell Foley LLP for the seller and Alexander W. Seligson, Esq. of Seligson Rothman & Rothman for the buyer. n
LEASED AND MANAGED BY: MARK ALLISON INVESTORS REAL ESTATE AGENCY 724-925-0215 or mallison5 @ aol.com
500 Central Avenue
Made with FlippingBook Annual report