JERSEY CITY, NJ-Hudson County's multi-family market, which consistently commands among the highest average rents in the region, will remain a major hub of investment activity in 2014, Gebroe-Hammer Associates' brokers say without caveat.
The company tells GlobeSt.com it closed out 2013 with more than $32 million in transactions along the Hudson waterfront. The two most recent building sales here involved trades of 56 total units sold for a combined $4.3 million.
"As the state's smallest county, veteran investors know not to judge Hudson County by its size," said Nicholas Nicolaou, G-H's Hudson County market specialist. "Investors are attracted to the region's high concentration of apartment buildings and an ever-growing tenant base fed by migrating former Manhattanites, who are being priced out of New York City."
Job growth in Hudson County continues – reflecting the vitality in Manhattan – and Hudson Country rents keep ticking upward, too.
"The difference is that New York City has quickly become too expensive," says Nicolaou. "Hudson County's rents are far more affordable."
The latest trades arranged by Nicolaou, who represented the seller and found the buyer in both transactions, involved 272-274 Monticello Ave. and 398 Danforth Ave. in Jersey City.
The two-building Monticello Avenue complex is set in the McGinley Square neighborhood. Its one-, two- and three-bedroom units were fully occupied at the time of sale. The three-story, 32-unit Danforth Avenue apartment building is close to schools, shopping and the city's public transportation links. On-site parking and laundry services are among the amenities.
Livingston-based Gebroe-Hammer brokers multi-family investment sales throughout New Jersey, New York and Pennsylvania, including Philadelphia.
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