St. George Harrison Apartments at 400 Passaic Ave. in East Newark — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The owner of a 60-unit upscale apartment building in Hudson County has sold the property for nearly $20 million, in a transaction arranged by Gebroe-Hammer Associates.
The brokerage firm on Monday announced the sale of St. George Harrison Apartments, a four-story complex at 400 Passaic Ave. in East Newark. The seller, Madison Hill Properties, reaped $19.5 million from the deal with SELA Realty Investments.
“St. George Harrison Apartments is a residential pillar associated with its in-demand layouts and luxury-lifestyle apartment and community amenities,” said Niko Nicolaou, an executive vice president with Gebroe-Hammer, who represented the seller of the seven-year-old building.
Senior Vice President Adam Zweibel procured the buyer, which is based in Fort Lee. In a news release, the brokers touted East Newark’s proximity to the revitalized Harrison waterfront and to the area’s mass transit links, parks and waterfront walkways.
St. George Harrison includes 25 one-bedroom and 35 two-bedroom layouts, with high-end design, finishes and appliances, Gebroe-Hammer said. The building also features amenities such as a private landscaped terrace with New York City skyline views, a resident lounge, fitness center and heated on-site garage.
“This high walk score, tree-lined neighborhood also has an exceptional geographic locale, offering a travel time of 20 minutes to New York City and five minutes to Jersey City and Newark — all key hubs for employment and urban-sophisticate offerings in the region,” Nicolaou added. “Because of these factors, East Newark has recorded Harrison’s greatest neighborhood income growth and property appreciation rate in the last five years.”
Nearby commuting options include Newark’s Broad Street station, the Harrison PATH Station and NJ Transit bus service. The site is also minutes from Interstate 280, the New Jersey Turnpike, Route 1 & 9 and Route 21.
“East Newark is a case study in how a former manufacturing center can evolve into an eclectic pedestrian-scale neighborhood with exponential tenant and economic growth,” Zweibel said. “The buyer recognized St. George Harrison’s immediate and long-term capabilities at a time when Hudson County is drawing an influx of New York City transplants.”
The deal comes nearly four years after the last time the property changed hands, in an $18.5 million deal that was also brokered by Gebroe-Hammer.
