JERSEY CITY, NJ—Gebroe-Hammer Associates has arranged the $21 million sale of a four-property Hudson County multi-family portfolio, with units located throughout Jersey City and Hoboken. Nicholas Nicolaou, GH vice president and the firm's Hudson County market specialist, exclusively represented the seller, a long-time Gebroe-Hammer client, and the buyer, a private investment group with additional holdings throughout Hudson County. More than 20 competitive offers were submitted for the 159 apartment-unit and six commercial-unit portfolio.
“This was one of the most highly bid sales in Jersey City this year, thus far,” Nicolaou tells GlobeSt.com exclusively. Following three rounds of aggressive bidding, the seller, who owned the property for more than 40 years and sought to reallocate proceeds from the sale to out-of-state investments, accepted the highest non-contingent offer.
The largest of the four buildings, 125-129 Magnolia Ave., in Jersey City, sold for $12.7 million. The mid-rise elevator building, located on the corner of Summit and Magnolia avenues in the heart of the Journal Square section, is within one block of the Journal Square PATH Station served by two trans-Hudson lines – the Journal Square/33rd Street and Newark/World Trade Center routes. Built in 1929, the well-maintained five-story all-brick exterior façade building is comprised of 93 apartment units fully occupied at the time of sale and five ground-floor retail spaces occupied by a bagel store, hair salon, nail salon, news/grocery store and wireless retailer.
Just next door, 115-117-119 Magnolia Ave. sold for $5.445 million. The 20 studio, 3 studio with loft, 20 one-bedroom and 2 one-bedroom with loft units feature exposed brick and renovated kitchens and bathrooms.
“The unit mix of these properties is rather unique, offering in-demand flexible layout options,” says Nicolaou. “Each of the units has recently undergone kitchen and bathroom renovations as well as the installation of new windows at 125 Magnolia Avenue. The new owner plans to implement capital improvements, in order to render the properties even more competitive and to leverage Jersey City's gentrification associated with several new construction projects in the neighborhood.”
Among these projects is the newly opened Kennedy Lofts, the first non-waterfront high-end residential building added to Jersey City's housing stock in several years. Progress on Journal Squared, a three-tower high-rise project located between Magnolia, Pavonia and Summit avenues, as well as preservation of the Jersey Journal's former building at 30 Journal Square also are catalysts for the district's rapid transformation.
The portfolio also encompasses seven units at 50 Stuyvesant Ave. in Jersey City, sold for $1.04 million, and 14 apartment units and one commercial unit at 328-332 Jackson Ave., in Hoboken, sold for $1.815 million. “All of these properties, which were fully occupied at the time of sale, are located in highly desirable neighborhoods that have a proven track-record for maintaining value and strong occupancy rates over time,” Nicolaou says.
Hudson County's high concentration of multi-family properties, its proximity to New York City and extensive mass transit facilities make it one of the most active investment and rental markets in the region.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
