The Doma at 1435 10th St. in Fort Lee — Courtesy: Veerman Asset Management
By Joshua Burd
A developer has sold a newly constructed, 30-unit apartment building in Fort Lee for $16.8 million, in a transaction arranged by Veerman Asset Management.
The brokerage firm represented the seller, Premier Developers, in the trade of the loft-style property known as The Doma at 1435 10th St. The deal marks the first multifamily acquisition in New Jersey for the buyer, EBMA, which is based in Brooklyn’s Red Hook section.
Veerman Asset Management CEO Manveer Sanghera brokered the sale.
“We’re thrilled to have closed this milestone transaction and to have set a new standard for pricing in the Fort Lee market,” Sanghera said. “The Doma exemplifies the demand for high-quality, thoughtfully designed multifamily housing, and we’re excited to have guided EBMA in expanding their portfolio into New Jersey.”
Sanghera said the property, which also has 60 parking spaces, traded for a record price per unit for any building of its size or larger in Fort Lee, according to CoStar records. It’s also the fourth apartment building that Veerman has successfully sold for Premier Developers, as well as the 12th property built after 2010 that the firm has sold since early 2022.
Consequently, EBMA approached Veerman about The Doma to spur the recent trade, Sanghera said, noting that it’s now marketing several other high-end multifamily properties in the region.
“As returns on risk-free investments decline, we anticipate increased capital allocation toward alternative investment vehicles,” he said. “Historically, this trend has been favorable for commercial real estate, particularly in the multifamily sector in New Jersey.”
