Given how little activity occurred during the stay at home order (75% of trades occurred before April) it is likely that the second half of the year will see more volume, but investors will continue to be cautious and take their time evaluating the new market conditions. Even though the dollar volume wasn’t terribly off from the first half of 2019, the total number of trades was quite low in comparison. This means that several large trades drove the value year to date and wit
WEST NEW YORK, NJ — Redwood Realty Advisors announced the closing of a 30-unit apartment property on Dewey Ave. in West New York. The five-story, brick walk-up sold for $4.075 million and a cap rate of 5.45% — achieving a record price per unit for that market at $135,833.“The record sale price speaks to the desirable location of this asset as it is situated in the Gold Coast area of West New York and just three blocks north of the highly coveted Boulevard East,” said Steven M
For funds being allocated to acquisitions and the availability of product for sale, the multifamily sector is seeing strong investment demand overall and ready capital targeting certain asset classes. The “chosen” asset classes are those best positioned to benefit from the demographic shifts in favor of apartment living – people in search of a more urban lifestyle and a waning desire to own. Those are some of the takeaways from the recent National Multifamily Housing Conferen
HUDSON COUNTY, NJ — Hudson County’s multi-family properties are primed for rent growth and property appreciation that continues to outpace Northern New Jersey’s six other apartment submarkets, according to Nicholas Nicolaou, senior vice president at Gebroe-Hammer Associates. The Hudson County market specialist, who recently arranged three separate trades totaling 148 units sold for $19.3 million in Union City and Jersey City, links optimal property performance and area gentri
IRVINGTON, NJ — Bussel Realty Corp. (BRC), an industrial real estate services firm in New Jersey, announced its arranged the sale of 231 40th St. in Irvington, an industrial facility of approximately 38,500 s/f.
The property sold for $3.1 million and features 22-foot ceilings, three cooler spaces, four tailboards and one drive-in, and heavy power. It is located in close proximity to I-78, Route 22, the Garden State Parkway and New Jersey Turnpike, Newark Liberty Airport, a
Chester, NJ — NAI James E. Hanson, a New Jersey-based commercial real estate firm announced it has brokered the sale of a 25,600 s/f office building located at 360 Rt. 24 in Chester. Young Bakerin Realty acquired the property and will relocate from its existing office in Flanders. NAI James E. Hanson sales associate, Joseph Vindigni, represented the seller, 360 Rt. 24 Chester, LLC and the buyer in the transaction.
The three story building is situated on more than 7 acres of
OAKLAND, NJ — The Garibaldi Group has announced the sale of 138 Bauer Dr. in Oakland located in the Oakland-McBride Center. Totaling 24,610 s/f of zoned industrial park, the property comes fully air conditioned and sprinklered.
As traditional industrial tenants have vacated the park over the years, Oakland-McBride Center continues to see non-conforming applications for buildings within its campus. This trend has become common in the New Jersey real estate market, even as th
Parsippany, NJ — Avison Young announced that Garden State Orthopedic Associates, PA has signed a long-term lease for nearly 5,200 s/f at 2 Sylvan Way, a 53,365 s/f, three-story office building in Parsippany.
Avison Young senior vice-president Patrick Eichner and vice-president Peter Hedley of the firm’s New Jersey office represented the property owner, Dowell Associates, in the transaction.
Currently, 2 Sylvan Way is undergoing major capital improvements, including the expa
Jersey City, NJ – NAI DiLeo-Bram & Co. announced that it represented the sale of 65-71 Monitor St. in Jersey City by Magyar Bank to Manhattan-based PE Real Estate Holdings.
The ½ acre of land sold for $1.75 million dollars and has “as of” rights to construct 51 residential units in the burgeoning new residential neighborhood adjacent to Liberty State Park and the Liberty Science Center. NAI DiLeo-Bram vice president Jeff Jones represents Magyar Bank on all commercial bank ow