“We felt that this deal fit in line with our five-year strategy of acquiring assets in secondary and tertiary markets to get us to 100,000 units,” says Alex Arguelles, Tzadik Management's chief investment officer.
“In all candor, we see more opportunity in Asia for risk-adjusted returns than we do here,” says Philip Mintz with Apollo Global Management's US and Asia real estate equity business..
The Hudson Waterfront and Somerset/I-78 East Corridor weighed heavily on the market, and, as a result, the office sector overall registered its slowest first quarter in more than two decades.
The rehabilitation plan includes a fast-paced construction phase, estimated to be complete within 24 months, during which no residents are expected to be permanently displaced.
Watch our exclusive video interview with attorneys Frank Giantomasi and Sean Aylward. The program provides the biggest advantage for investors with highly appreciated assets, Sean Aylward says.
“Despite corrections ending a long winning streak in the financial markets, the benefits of the new tax law should shore up commercial real estate, especially industrial and office demand,” says Jason Wolf, founder of Burlington County-based WCRE.
Kislak's Joni Sweetwood says the sale reflects a current market trend in which “owners are improving urban properties to a level that surpasses even properties in 'high-end' towns.”