108 Park St. in Orange — Courtesy: Capital Realty Associates
By Joshua Burd
Apartment buildings in Perth Amboy and Orange have changed hands among private investors, under a set of newly announced transactions by Capital Realty Associates.
In the Perth Amboy transaction, Capital Realty Sales Associate Ben Cooper represented Bapaz LLC in the sale of a fully occupied, eight-unit building at 390 State St., which also includes a ground-floor retail unit. Cooper also procured the buyer, a private investment firm.
“Perth Amboy is experiencing low multifamily vacancy rates, and a major construction boom, making this location attractive for investors,” Cooper said.
The Howell-based brokerage firm touted the property’s location near the Garden State Parkway and routes 9, 35 and 440, along with its accessibility to Staten Island via the Outerbridge Crossing. The building is also within walking distance of shopping, entertainment, public transportation and dining options.
“Ben’s excellent relationship with the buyer, and deep knowledge of the Perth Amboy marketplace, facilitated the sale of this property which has the potential for additional value for the new owner with the rehab of the existing apartment units,” said Benjamin Greenstein, president of Capital Realty.
The second property, located at 108 Park St. in Orange, includes five residential units and four ground-floor retail spaces, according to a news release. Capital Realty Vice President Bernard Itzkowitz represented the seller of the fully occupied property, a local real estate investor, while also procuring 108 Park Street LLC as the buyer.
“The investment sales market in urban multifamily markets like Orange, and the surrounding communities of Elizabeth, East Orange and Newark, has been very strong in recent months,” Greenstein said, “and investors are willing to purchase properties they would not have previously considered.”
Capital Realty noted that 108 Park is close to the Parkway, Route 10 and Interstate 280, along with mass transit and shopping, dining and banking options.
“The Orange property offers great upside potential for the new buyer and the opportunity to secure a new retail tenant for the vacant unit of ground floor retail space,” Itzkowitz said. “I am pleased to have met the business goals of both the buyer and seller in this transaction.”
The Perth Amboy and Orange properties traded for a total value of more than $1.6 million.