A 108-unit midrise apartment community in the New Jersey
suburb of Nutley, has traded for $19 million.
Niko Nicolaou, executive vice president, and Ken Uranowitz, president of Gebroe-Hammer Associates brokered the off-market sale of West Bank Apartments located at 181 River Road in the township’s River Road/Park Avenue section.
West Bank Apartments runs parallel to NJ Route 21, connects
directly via the Kingsland/Park Avenue overpass to Bergen County’s Lyndhurst
and is at the heart of one of the highest appreciating neighborhoods in the
area.
In addition to
offering transit and highway connectivity to New York City and North
Jersey-based businesses, one of the area’s largest employment hubs – the ON3
campus – is only 2.5 miles away.
Nicolaou and Uranowitz represented the seller and original
developer, Westbank Apartments LLC/Avalon Apartment LLC who built the property
in 1962, and identified and procured the buyer, River Gardens NJ LLC.
“An active client of mine contacted me specifically about
their interest in purchasing West Bank Apartments, which was not and has never
been on the market. Because of Ken’s 40-plus year close relationship with the
owner, we were able to successfully bring the parties together from offer to
closing in less than four months,” said Nicolaou.
The Nutley-Clifton area has emerged as an important medical,
bio-tech and commercial corridor. As a result, it has been drawing private
businesses, healthcare research incubators and world-class medical education
institutions that are adding thousands of jobs within a three-mile radius of
West Bank Apartments.
“This corridor is undergoing a transformation like no other
in the state with the fully leased ON3 mixed-use redevelopment of the former
Hoffman-LaRoche site,” added Nicolaou. “It is already having positive rippling
effects on the existing multifamily housing stock in the immediate and
secondary vicinity where it is feeding a highly educated, upper-income tenant
pipeline.”
