88-94 Tonnelle Ave. in Jersey City — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The longtime owner of two Jersey City apartment buildings has sold the 57-unit portfolio for nearly $10 million, in a newly announced transaction by Gebroe-Hammer Associates.
In a news release, the brokerage firm said the properties include 618-620 Summit Ave. and 88-94 Tonnelle Ave., both in the city’s Journal Square section. The buildings are home to 25 and 32 apartments, respectively, changing hands for a combined $9.75 million.
Gebroe-Hammer’s Niko Nicolaou represented Kevelson Family LLC in the sale. He also procured the buyer, The Weingarten Group of Jersey City, while Progress Capital Partner Brad Domenico secured financing for the transaction.
“These turn-of-the-century properties posed an extremely rare acquisition opportunity within less than half a mile of one another and Journal Square Transit Center, the state’s busiest bus and rail transit hub and the neighborhood anchor,” said Nicolaou, an executive vice president with the Livingston-based firm. “Their premier positioning, along with the rolling effects of neighborhood redevelopment in recent years, appeal to a renter-dominated residential base employed in a full range of occupations — from executive and professional roles to manufacturing and laborers.”
Built in 1910, the five-story Summit Avenue property is located just north of the cross streets of Newark and Hoboken avenues, Gebroe-Hammer said. The four-story Tonnelle Avenue property was built in 1890.
Kevelson Family owned the properties for more than 40 years, the news release said.