Union City, NJ Nicholas Nicolaou, senior vice president at Gebroe-Hammer Associates, recently arranged three separate trades totaling 148 units sold for $19.3 million locally and in Jersey City.
“Hudson County is home to Northern New Jersey’s most desirable, high-population-density neighborhoods and its highest concentration of multi-family properties,” said Nicolaou. “Like the migrating Manhattanites in search of rents substantially lower than New York City, development has moved inland away from the waterfront. As a result, established properties with value-add potential are realizing at-or-above market-rate rents upon turnover and occupancy rates of nearly 98%.”
Nicolaou arranged the $8.1 million sale of 1405 Palisade Ave., a five-story, 67-unit complex one-and-a-half miles from the Lincoln Tunnel. The three-building mid-rise property features a mix of studio, one- and two-bedroom layouts fronting Palisade Ave. between 14th and 15th St. Three blocks south, Nicolaou also represented the seller and the identified the buyer in the $7 million trade of the Puritan and Mayfair Apartments, a 56-unit Renaissance-revival-era low-rise building. Located at 309-315 11th St., at the corner of Palisade Ave., the two walk-up buildings include studios, one- and junior one-bedrooms as well as two-bedroom units.
“Part of the famed North Hudson municipalities along the picturesque Palisades, Union City is the most densely populated – in the 50,000+ number-of-residents category – in the United States,” said Nicolaou. “It is now considered a best place to live and work and even retire, according to AARP’s latest Top 10 rankings.”
Rounding out Gebroe-Hammer’s recent Hudson County sales activity is the $4.2 million sale of 25 units in Jersey City’s Journal Square neighborhood. Located at 77 Magnolia Ave., the four-story property is situated in a business district, tree-lined residential area and transportation hub.
Currently, Journal Square has several prominent redevelopment projects underway that include residential buildings and hi-rise mixed-use towers, all of which are attracting a “higher-income, professional tenant demographic,” said Nicolaou.
“While Hudson County has introduced the greatest number of new units to its inventory during the course of the past 10 years, it also has an unrivaled absorption rate on product spanning its total apartment inventory and all property-class categories,” said Nicolaou. “Jersey City and North Hudson’s multi-family investment market has enduring appeal among investors attributable to a diverse population reliant upon apartment living.”
Based in Livingston, N.J., Gebroe-Hammer is one of the most active multi-family investment sales brokerage firms in the New Jersey/Philadelphia/New York State region. Its brokerage activities concentrate on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties.Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.
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