Gebroe-Hammer Associates has brokered the $25.35 million
sale of a 99-unit apartment building in Weehawken, NJ.
Ken Uranowitz, president, and Niko Nicolaou, executive vice
president, represented the seller of Hamiltom House, a 12-story high rise
located at 700 John F. Kennedy Boulevard East. The pair also represented the
buyer, Tuli Realty LLC, a local investment and development firm led by Sanjive
Tuli.
“Both the seller and
the buyer were committed to seeing the transaction through because Hamilton
House is a rarity in any investment environment, given its tree-lined
suburban-like locale, walkability to grocery stores, pharmacies, banks,
take-out and green open spaces – all of which are integral to today’s executive
and established-millennial tenant base in this work- and learn-from-home period,”
said Uranowitz.
Hamilton House was constructed in 1964 and offers a mix of
21 studio, 59 one-bedroom and 19 two-bedroom layouts – the latter of which includes
four penthouses. Some of the units also offer private balconies and dens.
Lifestyle conveniences and amenities include on-premises parking, modern
laundry centers, two newly upgraded elevators with dedicated lobbies and
front-door NJ Transit bus service.
“Hamilton House’s central positioning and sustained tenant
demand rendered this a prime value-add multifamily investment opportunity where
the buyer can expand upon the owner’s recent enhancements,” said Nicolaou, the
firm’s Hudson County market specialist.
Recent updates completed prior to the sale include a new
roof, pointing and modern parapet-wall installation; installation of two modern
elevators and a newly constructed, secure package room; comprehensive
cable-service updates; and modest enhancements to lobbies, hallways and
apartment units.
The deal comes after a sold first quarter for Gebroe-Hammer,
which reported 18 deals encompassing 1,574 units sold for $316.4M.
In the midst of the Covid-19 shutdown, Gebroe-Hammer’s
market specialists have kept several noteworthy New Jersey apartment-property
trades on track including the $43+M sale of 125 Class A units at Bayside Cove
in South Amboy, the $25.5M sale of a Class A multifamily portfolio spanning
Woodbridge Township and $64.9 million in sales over the course of two months
involving more than 269 units across the East, Southwest and Northwest
Middlesex submarkets.
“We are still closing deals during this challenging economic
period as buyers continue to seek out multifamily properties knowing that this
asset class will always weather any downturns – as I have witnessed throughout
my 45 years in the business – because of the basic human need for shelter,”
said Uranowitz.
“As we gradually
‘reopen,’ the new normal may indeed encompass a significant telecommuter
population base, thereby further emboldening the strength of multifamily
properties – which is the already-favored investment over office and retail
asset classes.”
