Gebroe-Hammer Associates has arranged the $19.5 million sale
of St. George Harrison Apartments, a newly developed 60-unit midrise in the
Hudson County borough of East Newark, N.J.
Executive Vice President Niko Nicolaou, the firm’s Hudson
County market specialist, exclusively represented the seller, Madison Hill
Properties, and Senior Vice President Adam Zweibel procured the buyer, SELA
Realty Investments.
Constructed in 2013, the four-story St. George Harrison is
one of the area’s newest luxury apartment-rental communities.
The classic-style building is comprised of 25 one-bedroom and 35 two-bedroom layouts ranging from 720 to 1,184 s/f.
“St. George Harrison Apartments is a residential pillar
associated with its in-demand layouts and luxury-lifestyle apartment and
community amenities,” said Nicolaou.
“This high walk score, tree-lined neighborhood also has an
exceptional geographic locale, offering a travel time of 20 minutes to New York
City and five minutes to Jersey City and Newark – all key hubs for employment and
urban-sophisticate offerings in the region,” added Nicolaou. “Because of these
factors, East Newark has recorded Harrison’s greatest neighborhood income
growth and property appreciation rate in the last five years.”
The area’s commuter network includes Newark Broad Street
Station (NJ Transit Montclair-Boonton and Morris & Essex rail lines),
Harrison PATH Station and NJ Transit bus routes. Highway access points connect
to I-280, I-95/New Jersey Turnpike, State Routes 1 & 9, Local Route 21 and Newark
Turnpike/Route 508.
“East Newark is a case study in how a former manufacturing
center can evolve into an eclectic pedestrian-scale neighborhood with
exponential tenant and economic growth,” said Zweibel. “The buyer recognized
St. George Harrison’s immediate and long-term capabilities at a time when
Hudson County is drawing an influx of New York City transplants.”
