M id A tlantic Real Estate Journal — New Jersey — October 16 - 29, 2020 — 3B
www.marej.com
N ew J ersey
108-unit midrise is at the center of NJ’s newest medical & commercial corridor West Bank Apartments trades in $19M off-market transaction arranged by Gebroe-Hammer
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include HackensackMeridian Health Center for Discovery and its School of Medicine, Quest Diagnostics and Seton Hall University’s Graduate School of Health and Medical Sciences. Future occupants include Eisai Inc., Modern Meadow and Ralph Lauren Corporation. “From Fortune 500 manag- ers and executives to gradu- ate-level students pursuing medical and healthcare de- grees, demand for apartment rentals will not only be sus- tained, it will climb exponen- tially,” added Nicolaou. MAREJ
NYC and North Jersey-based businesses, one of the area’s largest employment hubs – the ON3 campus – is only 2.5 miles away. While its geography and tree-lined residential neigh- borhoods have sustained ap- peal among out-commuter executives, the Nutley-Clifton area has emerged as an im- portant medical, bio-tech and commercial corridor. As a result, it has been drawing private businesses, health- care research incubators and world-class medical education institutions that are adding
thousands of jobs within a three-mile radius of West Bank Apartments. “This corridor is undergo- ing a transformation like no other in the state with the fully leased ON3 mixed- use redevelopment of the former Hoffman-LaRoche site,” added Nicolaou. “It is already having positive rip- pling effects on the existing multifamily housing stock in the immediate and secondary vicinity where it is feeding a highly educated, upper- income tenant pipeline.” Current ON3 occupants
UTLEY, NJ — Ge- broe-Hammer As- sociates has built
its multifamily investment brokerage business and repu- tation during the past 45 years on long-term client relationships – a practice that came into play recently when the Livingston-based firm arranged the $19M off- market sale of West Bank Apartments in Nutley. In the sale, Niko Nicolaou , execu- tive vice president, along with Ken Uranowitz , president, exclusively represented the seller and original developer, Westbank Apartments LLC/ Avalon Apartment LLC who built the 108-unit midrise in 1962, and identified and procured the buyer, River Gardens NJ LLC. “An active client of mine contacted me specifically about their interest in pur- chasing West Bank Apart- ments, which was not and has never been on the market. Because of Ken’s 40-plus year close relationship with the owner, we were able to suc- cessfully bring the parties to- gether from offer to closing in less than 4 months – consider- ing all the logistics, including but not limited to inspections by lenders, the municipality, etc., such a short time period is unheard of in this Covid-19 environment," said Nicolaou, who also noted the property was a natural fit for the buyer also noted the property was a natural fit for the buyer. “It aligns nicely with their acquisition requirements, from location, walkability to lifestyle conveniences and historical performance to ten- ant demographic and future upside potential,” he said. “While technically located in the East Essex submarket, its boundaries with Bergen County and Passaic County literally render it at one of the most vital crossroads for the North Jersey Metro.” Located at 181 River Rd., in the township’s River Road/ Park Avenue section, West Bank Apartments runs par- allel to NJ Rte. 21, connects directly via the Kingsland/ Park Avenue overpass to Bergen County’s Lyndhurst and is at the heart of one of the greatest income-growth and highest appreciating neighborhoods in the area. In addition to offering transit and highway connectivity to
West Bank Apartments
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