The Hamlet at Cranford, located at 2-20 McKinley St. in Cranford — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A complex of 10 townhomes has changed hands in Cranford, in a $3.4 million transaction arranged by brokers with Gebroe-Hammer Associates.
Known as The Hamlet at Cranford, the two-building complex sits off the intersection of Commerce Drive and Raritan Road. In marketing the property, Gebroe-Hammer touted its proximity to the township’s main thoroughfare and the adjacent Cranford Business Park.
“This newly constructed complex, which features a wide range of high-end finishes and amenities, is exactly the type of premier asset that any and all investors clamor for within this high-barrier-to-entry Union County luxury submarket,” said Zweibel, a vice president with the residential brokerage. “The property’s modern construction and architectural elements reflect the requirements of this neighborhood’s urban-sophisticate, educated-executive tenant base.”
Zweibel represented the buyer and procured the seller alongside Gehane Triarsi, also a vice president with Livingston-based Gebroe-Hammer. They said the $3.375 million sale price equated to a new price-per-unit benchmark for the Union County apartment submarket.
Located on a cul-de-sac at 2-20 McKinley St., The Hamlet was built in 2014 and includes 10 two-bedroom units in two three-story buildings, the firm said in a news release. The homes feature high-end materials, finishes and appliances, while residents have access to NJ Transit bus service and off-street parking.
Gebroe-Hammer also cited data from NeighborhoodScout.com that says roughly 50 percent of the working population in the neighborhood is employed in executive, management and professional occupations. The firm said Cranford’s Winfield section, which includes the complex, is among the 15 percent highest-income neighborhoods in America.
“This neighborhood is extremely hot,” Zweibel said. “The property is literally 15 paces to Cranford Business Park, a regional home base for corporations and entrepreneurial businesses, and within less than a one-mile radius of nine restaurants/cafés/coffee houses, five banks and five places of worship. This is truly a commuter’s and walker’s paradise.”
The brokerage this week also announced two other deals in the region totaling 57 units. In both sales, Executive Vice President David Jarvis and Triarsi exclusively represented the seller as part of a portfolio dissolution, which included the properties at 218 Millburn Ave. in Millburn and 24 Springfield Ave. in Cranford.