480 Flatz at 480 Paterson Ave. in East Rutherford — Courtesy: Diversified Properties
By Joshua Burd
The developers of a new 35-unit luxury apartment building in East Rutherford have sold the property for $11.6 million, in a transaction arranged by Gebroe-Hammer Associates.
Brokers with the firm represented East Rutherford Builders LLC, a joint venture of Diversified Properties LLC and North Jersey Builders LLC, in its disposition of what’s known as 480 Flatz at 480 Paterson Ave. The sale to a private investor, a longtime Gebroe-Hammer client, comes less than three months after the developers announced the lease-up of the property.
Gebroe-Hammer President Ken Uranowitz and Senior Vice President Debbie Pomerantz completed the assignment.
“Thanks to Ken and Debbie’s expertise and their highest levels of professionalism, Gebroe-Hammer Associates was able to streamline this deal and bring it over the finish line,” said Nicholas Minoia, founder and managing principal of Diversified Properties, who launched his firm in 2000 and has developed real estate valued at more than $1.5 billion.
“Ken and I have ‘come up through the ranks’ in the industry, collaborating with one another for almost four decades on a wide range of dispositions and acquisitions,” Minoia added. “I look forward to many years-to-come of working with him and the entire team at Gebroe-Hammer Associates.”
Comprised of 29 market-rate and six affordable units, 480 Flatz includes floorplans ranging from studios to three bedrooms, according to a news release. The four-story building offers upscale apartment interiors and features such as a controlled-access modern lobby with a reclaimed-wood feature wall, decorative stamped-concrete exterior walkways, on-premises paved-surface parking and front-door NJ Transit bus service to the Port Authority Bus Terminal.
“As East Rutherford’s newest and most visible apartment-community asset, 480 Flatz is an important anchor for the borough’s thriving business district,” Pomerantz said. “From world-class shopping, premier cultural centers, outdoor recreation and entertainment venues to transit and highway connectivity, 480 Flatz presented a rare-to-market multifamily investment opportunity in the high-barrier-to-entry Bergen County.”
East Rutherford is about seven miles west of Manhattan and is home to a high concentration of residents who rely on the bus and train to get to work, Gebroe-Hammer noted. Along with NJ Transit bus service to Midtown Manhattan and Newark, commuters can do so via the East Rutherford, Meadowlands and Wood-Ridge stations.
Gebroe-Hammer also pointed to the borough’s proximity to routes 17, 120 and 46 and a host of other highways.
“Thanks to its central location in the heart of southwest Bergen County and status as an inner-ring borough of New York City, East Rutherford has emerged as a vibrant residential municipality,” Uranowitz said. “The borough offers its residents a balance of metropolitan luxuries and suburban tranquility — both of which are reflected in 480 Flatz’s lifestyle offerings.”