WEEHAWKEN, NJ—Multifamily properties built before and after World War II are drawing investor interest in Weehawken and its neighboring New Jersey Palisades municipalities, says Gebroe-Hammer Associates. In a sale mirroring this trend, the firm's Hudson County market specialist and senior vice president Nicholas Nicolaou exclusively represented the seller and procured the buyer, in the two-property, $6.3 million sale of 38 units spanning 10-12 48^th St., and 4614-16 Park Ave., in the township.

The properties had been owned by a single seller under the entity names of 10-12 48^th ST LLC and 4614-4616 Park Avenue LLC. The buyer was Tuli Investment, a New Delhi, India-based company, through its Livingston, NJ, office, according to Real Capital Analytics, a proprietary research database.

“Throughout Hudson County, which has been undergoing a wave of development in recent years, experienced investors have a renewed sense of enthusiasm for existing apartment buildings that would benefit from modest upgrades – mostly to kitchens and baths,” says Nicolaou. “Rents and occupancies at existing buildings offering the same views and transit-fueled/walkable lifestyle as their class-A property counterparts are benefitting from the trickle-down effect of higher-priced rents at these new-to-market developments.”