“In spite of deferred maintenance and other related issues, which often contribute toward an asset’s diminished performance, investors are competing vigorously to purchase these discounted properties with the expectation of adding value over time,” Uranowitz says, adding that “location is always the mantra.”

Uranowitz predicted a steady flow of tenants to Hudson County, as rents continue to rise in New York City. “Tenants who are priced out of Manhattan will continue to seek alternative living options along New Jersey’s Gold Coast,” he says.

Nicholas Nicolaou, a member of the brokerage team in the Union City sale, adds this: “Like many municipalities along the Hudson River shoreline, Weehawken and Union City are commuter hubs where a good majority of the residents rent by choice, a factor that consistently fortifies occupancy levels and attracts investors.”

Gebroe-Hammer’s brokerage activities are primarily concentrated along the New Jersey/New York/Pennsylvania corridor, including Philadelphia.