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.”