(Read more on the multifamily market.)
NEWARK, NJ-MacEvoy Court Apartment Complex, a 273-unit, three-building property at 140-148 Roseville Ave. here, has been listed for sale with an asking price of $11 million. And the New York-based Eastern Consolidated has picked up the exclusive to find a buyer, with the firm's David Schechtman and Jeffrey Troy handing the assignment.
The property is largely vacant, becoming that way after a previous owner had acquired it with designs on a conversion, according to Troy. The current owner and potential seller is a group of investors who bought the complex in a distressed sale.
“This 230,000-sf complex sits on more than two-thirds of an acre of land,” Schechtman says. “We expect the sale to generate a great deal of interest because of its redevelopment potential and its proximity to New York City. The property especially lends itself to affordable housing redevelopment, so we anticipate offers from developers specializing in low-income housing, whether it be rental or for sale.”
MacEvoy Court was built in the late 1930s and redeveloped in the 1960s and 1970s. Its 273 units are made up of a combination of studio, one- and two-bedroom units.
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