JERSEY CITY, NJ—Stonegate Buildings, a partnership between Steven Gelbtuch's Garfield Avenue Holdings and Nat Amsel, has sold 238-242 Garfield Avenue, Jersey City NJ to 238-242 Garfield Ave JC LLC for $4.375 million. It's one of the highest per-unit prices achieved by a Jersey City multifamily property, says Gelbtuch.
Marcus & Millichap's Steven Matovsky arranged the sale. Stonegate purchased the property in June 2011, taking advantage of the fact that Jersey City is experiencing a rental revival from developers, investors, and tenants who are attracted to its proximity to Manhattan, and convenient transportation via light rail and PATH, Gelbtuch says. This has led to strong and rising prices in the market over the past 2-3 years.
“The activity and price movement particularly in Jersey City are clear indications of a tremendous increase in investor sentiment over the past 12 months,” Gelbtuch tells GlobeSt.com exclusively. “We established Stonegate after the the destructive wave that swept across the US economy in 2008. At that time we identified Jersey City as an investment target when it was still struggling with pockets of poverty and crime, as an up-and-coming neighborhood.”
Gelbtuch and Amsel established Stonegate in 2010 to focus on undervalued multifamily residential complexes in premier locations in Hudson and Bergen County, NJ.
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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].
