3343 Park Ave. in Union City — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A portfolio of 400 apartments across northern Hudson County has changed hands for $65 million, following a transaction arranged by Gebroe-Hammer Associates.
The brokerage firm represented the seller, Urban American Management and Dixon Advisory, in the transaction with Tuli Realty LLC. Spanning the municipalities of West New York, Union City and North Bergen, the so-called Golden Peak Portfolio totals 13 buildings that benefit from their mass transit access and proximity to Midtown Manhattan.
Gebroe-Hammer Executive Vice President Niko Nicolaou represented the seller and procured the buyer. Elliot Treitel of Meridian Capital Group arranged financing.
“North Hudson’s municipalities are among the most densely populated in the United States because of their proximity to Hoboken and Jersey City to the south and Manhattan just across the Hudson River,” Nicolaou said. “And like their South Hudson counterparts, these towns and cities are undergoing a renaissance of their own that presented new ownership an extremely rare acquisition opportunity with an untapped critical-mass value-add component.”
The transaction marks the eighth portfolio sale arranged by Nicolaou involving three buildings or more during the past three years, Gebroe-Hammer said. The Golden Peak Portfolio includes:
- West New York: 1-9 62nd St. (85 units), 119 60th St. (24 units), 155 60th St. (17 units), 505-07 57th St. (47 units), 525-27 60th St. (23 units), 6412 Park (27 units) and 90 64th St. (27units)
- Union City: 3343 Park Ave. (17 units), 3347 Park Ave. (17 units), 509 47th St. (31 units), 531 34th St. (33 units) and 801 21st St. (21 units)
- North Bergen: 7112 Park Ave. (31 units)
“Like Greater Hudson County, North Hudson towns are among the most transit- and walker-centric in the region, linking to urban amenities and employment centers in the immediate area and directly across the Hudson River,” Nicolaou said. “For this reason, these three towns — along with Weehawken and Guttenberg — have crept to the top of investor lists because they are favored by an extremely varied tenant base of hard-working families, young professionals and New York City transplants seeking an alternative to Midtown rent prices.”