“This opportunity attracted a great deal of interest from both multi-family investors and condominium converters,” said Whitmer. “It is encouraging to see that segment of the market start to make a comeback.”

Completed in 2011, the community has condominium-quality features such as granite countertops, stainless steel appliances, hardwood floors, and in-unit washers and dryers. The property was 96% occupied at closing.

The units are a mix of one- and two- bedrooms, averaging 1,049 square feet. Madison House has a two-level parking deck, and 2,400 square feet of street level retail.

”Because this is a recently constructed luxury community in a borough whose residential stock averages 60 years old, this offering was particularly attractive for potential investors due to being able to offer a differentiated and attractive product,” said Whitmer.

“This building is also unique in size and scale because of the difficulty in assembling land parcels in mature, infill markets such as Palisades Park,” he said. Whitmer cited the high-barrier-to-entry for developers of market-rate, non-age-restricted rental projects.

The Madison House is situated about five minutes from New York City via the George Washington Bridge and two miles from a ferry terminal.