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Gebroe-Hammer: Hudson County An Investment Target

JERSEY CITY-The sale of three multifamily properties shows strength of New York City’s “sixth borough,” Gebroe Hammer Associates tells GlobeSt.com’s Debra Hazel.

By Debra Hazel | Updated on April 27, 2011

JERSEY CITY-The recent closing of three multifamily building sales totaling $12.5-million in Hudson County is a sign that New York City’s “sixth borough” remains an investment target, says Gebroe Hammer Associates in an exclusive GlobeSt.com interview.

Recently, the firm closed the $7 million sale of 171-181 Erie St., a 45-unit all-brick building in Jersey City, the $3 million sale of 712 Adams St., a five-story, 21-unit all-brick building in Hoboken; and an 80-unit apartment complex in Bayonne for $2.55 million. Both the Jersey City and Hoboken deals were off-market transactions that were on line for 45 and 90 days, respectively. The Bayonne property was an off-market transaction where a bid was made and accepted in literally 24 hours, says Nicholas Nicolaou, a sales associate at Gebroe-Hammer.

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