4B — November 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
North Jersey market specialist Betesh represents the seller and procures buyer Gebroe-Hammer Associates orchestrates $3.95M sale of Hudson County, NJ midrise apartment
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5414 Park Avenue Apart- ments is a residential fixture that had been under long- term ownership for decades. Located within the heart of the West New York South neighborhood, one of the highest population-density residential communities na- tionwide, the five-story mul- tifamily building is comprised of 13 one-bedroom and nine two-bedroom layouts. “This well-maintained all- brick-construction apart- ment building is centrally sit- uated within North Hudson’s most renowned residential,
commercial, out-commuter and transit corridor, which is why it was both held by the owner for decades and had tremendous investment appeal for the buyer,” said Betesh, who was recently in- volved in the $2.35M trade of a 12-unit multifamily build- ing in Hackensack as well. “A rare-to-market Hudson County multifamily asset with a NY-Metro strategic lo- cation and connectivity, 5414 Park Avenue Apartments presents new ownership with a strong repositioning com- ponent that can be executed
immediately or over the long term,” he said. Centrally situated within one of West New York’s most expensive and in-demand neighborhoods, 5414 Park Avenue Apartments benefits from a nearly 90% renter population base. The dy- namic mixed-use district of JFK Blvd. is nearby as is Bergenline Avenue’s trendy boutiques, upscale retailers, dining/takeout and cultural/ entertainment venues. Ad- ditionally, the building offers front-door NJ Transit bus service and proximity to the Hudson-Bergen Light Rail at Port Imperial Station. Nestled atop the New Jer- sey Palisades in Hudson County, West New York fea- tures picturesque New York City skyline views from the Hudson River waterfront’s 19-mile Gold Coast. During the past decade, the town has been at the center of the region’s urban renewal initiatives and gentrification that have yielded premium multifamily investment. “Though very urban, hence its moniker ‘New York City’s Sixth Borough,” Hudson Coun- ty and its municipalities have and continue to offer a globally cosmopolitan lifestyle that suc- cessfully retains a unique sub- urban-like identity and char- acter,” added Betesh. “This is why the region has benefited from an enduring pipeline of renters by choice – a cohort that spans a very diverse cross-section of occupations, socioeconomic backgrounds and lifestyle preferences.” Situated in the heart of the North Hudson geographic region, West New York is bordered by the Hudson River to the east, Union City and Weehawken to the south, Guttenberg to the north, and North Bergen to the west. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifam- ily types, including class A, B and C high-rise and garden- apartment properties. While initially focusing on New Jer- sey, the Livingston, NJ-based firm has evolved during the past 48 years to include several Northeast corridor submar- kets. Widely recognized for its year-over-year sales perfor- mance, the firm is consistently named a CoStar Power Broker annually. MAREJ
EST NEW YORK, NJ — Gebroe- Hammer Associ-
ates has arranged the $3.95M sale of a 22-unit midrise apartment building located in the Hudson Waterfront mu- nicipality of West New York, NJ. The firm’s North Jersey market specialist David Be- tesh , sales representative, exclusively represented the generational owner / seller, 5414 Park Avenue LLC, and procured the buyer, a long- time client of the firm. Fronting one of West New York’s main thoroughfares,
5414 Park Avenue Apartments
Hudson County
SOLD JUST $3,950,000
5414 PARK AVENUE, WEST NEW YORK, NJ 22 MULTIFAMILY UNITS • $180,000 PPU SALE DATE: OCTOBER 26, 2023
Congratulations to David Betesh NORTH JERSEY MARKET SPECIALIST
BROKER: David Betesh, Sales Representative EXCLUSIVELY REPRESENTED THE SELLER & PROCURED THE BUYER
FOR MORE INFORMATION: MOBILE: (718) 644-6155 EMAIL: DBETESH@GEBROEHAMMER.COM
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