2 Hennessey Blvd. in Atlantic Highlands — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The developer of two new mixed-use properties in Atlantic Highlands has sold the buildings for nearly $9.2 million, in a deal brokered by Gebroe-Hammer Associates.
The brokerage firm on Friday said it represented Kalian Cos. in the sale of the properties, 35 First St. and 2 Hennessey Blvd., to a private investor. Known collectively as Bay Village, the buildings include a combined 16 apartments and nearly 10,000 square feet of commercial space.
Gebroe-Hammer Vice President Adam Zweibel completed the assignment, which included procuring the buyer.
“Bay Village presented a rare investment acquisition opportunity in one of Central Jersey’s most desirable locales, which is literally at the midpoint between Manhattan — thanks to nearby ferry service — and the Jersey Shore region,” Zweibel said. “The property’s prominence within a traditional downtown and dense, walkable residential neighborhood set the stage for long-term appeal among renters and property appreciation for the buyer.”
The property at 35 First St. features four two-bedroom and two one-bedroom rentals, with 2,500 square feet of ground-floor retail space, Gebroe-Hammer said. At 2 Hennessey Blvd., Kalian has delivered 10 two-bedroom and six one-bedroom apartments and 7,200 square feet of office space.
Each of the three-story buildings includes balconies and waterfront views from select units, according to a news release. The brokerage also touted the New York City views available from rooftop terraces.
“As a result of its coastal locale and lifestyle amenities, Atlantic Highlands is extremely popular among out-commuters,” Zweibel said. “Between Highlands Terminal, offering 40-minute direct service to Manhattan, and an array of bus and rail links, this area is no longer ‘a best-kept-secret’ among the state’s commuter tenant base.”
This deal follows Gebroe-Hammer’s involvement in the $56 million sale of another Atlantic Highlands property, Thousand Oaks Village, a sprawling 304-unit garden-style complex in the Navesink neighborhood.