4B — August 28 - September 10, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Value-add assets offer new ownership repositioning opportunity Gebroe-Hammer’s Nicolaou orchestrates $9.75M sale of two-property multifamily portfolio J
the properties for over 40 years, and procured the buyer, The Weingarten Group of Jersey City. Financing in the transaction was secured by Brad Domenico , partner, of Progress Capital based in Tinton Falls, NJ. “These turn-of-the-century properties posed an extremely rare acquisition opportunity within less than half a mile of one another and Journal Square Transit Center, the state’s busiest bus and rail transit hub and the neighbor- hood anchor,” said Nicolaou, the firm’s Hudson County
market specialist. “Their pre- mier positioning, along with the rolling effects of neighbor- hood redevelopment in recent years, appeal to a renter- dominated residential base employed in a full range of occupations – from execu- tive and professional roles to manufacturing and laborers.” Built in 1910, the five-story Summit Ave. property is lo- cated just north of the cross streets of Newark and Hobo- ken Aves. and features 25 units with a mix of one- and two-bedroom layouts. The four-story Tonnelle Ave. prop- erty, which also has 32 apart- ments with all two-bedroom floorplans, was constructed in 1890 and features an array of distinct architectural ele- ments from that era that con- tribute toward its character. Known for its diverse hous- ing stock of brownstones, pre- war apartment buildings and frame houses, Journal Square identifies with the newspaper Jersey Journal, whose head- quarters were located there from 1911 through 2013. The square itself is at the intersec- tion of Kennedy Boulevard and Bergen Ave, near vibrant shopping, dining, cultural venues and outdoor recreation. It also offers connectivity to major highways (I-78 and 95, U.S. Rte. 9, and NJ Rtes. 7 and 139). Nearby Hudson River crossings include the Holland Tunnel and NY Waterway Ferry Service. The Journal Square Port- folio sale is just the latest for Nicolaou within the Hudson County marketplace. Recent highlights include the Golden Peak Portfolio (400 Units across West New York, Union City and North Bergen sold for $65M), Hamilton House in Weehawken (99 Units sold for $25.4M) and the class A newly constructed Fairmount at McGinley Square (58 Units sold for $23.75M). Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all mul- tifamily types including class A, B and C high-rise and garden-apartment properties. While initially focusing on New Jersey, the Livingston, NJ-based firm has evolved during the past 45 years to also dominate the northeast- ern Pennsylvania and New York State submarkets as well as represent client interests nationally. MAREJ
OURNAL SQUARE / JERSEY CITY, NJ — In the heart of Jersey City’s trendy and newest revi- talized neighborhood – Jour- nal Square – Gebroe-Ham- mer Associates’ executive vice president Niko Nicolaou has arranged the $9.75M sale of a two-property multifamily portfolio. Combined, 618-620 Summit Ave., and 88-94 Ton- nelle Ave., consist of 57 units that garnered a $171,053 per- unit price. In the trade, Nicolaou rep- resented the seller, Kevelson Family, LLC , who had owned
88-94 Tonnelle Ave.
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