"The owners of these properties recognized the opportunity to market these complexes within a supply-constrained market where there is heavy demand for urban garden and walk-up apartment complexes," says Ken Uranowitz, managing director of Gebroe-Hammer, in a statement. "Now is an extremely advantageous time to sell multifamily properties, given the low interest environment, which won't last that much longer as a result of inflationary concerns in the near future. This certainly bodes well for potential buyers."
Average occupancy rates in the area are 95%, with rents ranging from $775 for one-bedroom residences and $950 for two-bedroom units, according to Gebroe-Hammer.Gebroe-Hammer EVP David Oropeza and Steven Tenenbaum, assistant vice president, closed the North Arlington Avenue deal, while Oropeza and David Jarvis, executive vice president, orchestrated the disposition of the Park Avenue buildings.
The 376 and 424 Park Ave. property consists of nine one-bedroom and 23 two-bedroom units as well as a three-bedroom unit and three ground-floor retail shops. The buyer, a New York City-based investment group, plans to upgrade the kitchens and bathrooms.The Park Avenue building is located on the corner of William Street. The two-building, all-brick property features 35 one-bedroom units near town hall and a new performing arts school.
Since the closing, the buyer has renovated a majority of the units and common areas, replaced all the windows, re-landscaped the exterior and performed major masonry work to the buildings, according to Oropeza. "Because the rents are well below market, this renovation will enable the buyer to increase rents to market levels, thereby increasing value in a relatively short period of time," he noted in a statement.
Both properties are near major thoroughfares, including Interstate 280 and the Garden State Parkway, with access to bus and rail routes into the Hoboken Terminal and New York Penn Station.
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