The 48 units are comprised of 27 one-bedroom units, 16 two-bedroom units and five three-bedroom units. The building is 100% leased. The property is located within walking distance of Footes Pond and Ford Avenue municipal parks, as well as Morristown National Park. It is near I-287 and Downtown Morristown.
Kushner's Richard Stadtmauer, a managing director, says, "This property offers low-maintenance living with an easy commute, high quality schools, plus attractive parks and playgrounds in a country setting."
Experts have been telling GlobeSt.com that multifamily housing is a wise investment in the face of the current recession. Kenneth Levien of Levien & Co. has commented that multifamily will continue to do well in markets such as the New York metropolitan area because of a shortage of available housing. Others have suggested that as the price of housing keeps the average person from buying in this economy, people will always need somewhere to live, and remain as renters.
This week's survey from the Mortgage Bankers Association of America shows that the market composite index of mortgage loan applications for the week ending May 18 decreased 15.2% from the previous week. This is a drop from 560.4 to 475.4. When reviewed on an unadjusted basis, the application index decreased a flat 15%. With loan applications down this can reflect a more cautious consumer, seeking to save or unable to invest in a home. Apartments, many experts have said, then benefit.
Although, earlier this month, the Federal Reserve Bank's Beige Book reported the residential real estate market has eased up somewhat even in the New York metropolitan area. Managing editor John Howe reported at the time, "Manhattan's co-op and condominium market has softened of late, writes the Fed, with prices "edging down" and sales 'falling sharply.' Open houses bring a good turnout, but buyers and sellers have difficulty reaching agreement on a price. The result: apartments are on the market longer and sales are down."
Some contend that a softening of the New York City market does not bode well for suburban communities. Despite this news, Kushner has confidence in its vacancy-free newly purchased apartment building.
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