Hudson Atlantic Realty closes sale of $13.5 Million Montclair multifamily
Montclair, NJ — Hudson Atlantic Realty announced their latest closing, a $13.5 million sale of two properties in Montclair, which included 56 residential units and 1 commercial unit. Located in a prized Transit Village at the foot of the First Watchung Mountain, these highly desirable brick buildings are located within a short walk to both the Walnut & Bay Street train stations. These well-maintained buildings included a desirable mix of studios, one-bedroom and two-bedroom apartments.
Built in 1924, 10 Roosevelt Place consists of 14 one-bedroom, 10 two-bedroom, and 3 studio units. Just around the corner is 47 North Fullerton Ave., built in 1923, with 21 one-bedroom, 5 two-bedroom, and 3 studio apartments in addition to a commercial space. Both properties were meticulously maintained, with large unit sizes, wood flooring, tiled bathrooms, and on-site laundry.
Adam Zweibel, managing partner, explained why Hudson Atlantic Realty was chosen to market this property, “The seller trusted us to identify the most active and aggressive buyers so they would realize the highest selling price.” There were also some challenging aspects of the deal, created by a municipal rent control ordinance first passed by the township during COVID in April 2020. Subsequently, the Montclair Property Owners Association immediately and successfully sought an injunction that prevented it from going into effect which, then tied the issue up in court. According to Zweibel, “Despite the uncertainty that the unresolved rent control issue created, we were able to overcome that obstacle and achieve very aggressive pricing on a deal that was difficult to underwrite for buyers.” These iconic walk-up buildings, which had been owned by the seller for the past 25 years, are in what is widely considered the most coveted section of Montclair.
Launched in August of 2021, Hudson Atlantic is already turning heads with its strong sale pace. Founded by Jeffrey Otteau and Adam Zweibel, Hudson Atlantic Realty was created to provide brokerage services to property owners, investors, and commercial real estate developers.
The firm’s deep relationships within the investment community and comprehensive market intelligence create a unique synergy resulting in competitive advantages for its clients by maximizing their investment return. With the closing of this latest deal, Hudson Atlantic Realty has continued to prove its success in the commercial real estate industry approaching year to date sales over $150 million.