22-30 South Munn Ave. in East Orange — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A private investor has purchased a 50-unit apartment building in East Orange for $9.35 million, in a deal arranged by Hudson Atlantic Realty.
According to the brokerage team, the off-market sale of 22-30 South Munn Ave. equates to a new record high per-unit price in the city for a prewar, rent-controlled multifamily property. That’s due in part to its location just two blocks from NJ Transit’s East Orange station, as well as a gut renovation in 2008 that helped modernize the collection of one-, two- and three-bedroom rentals.
Hudson Atlantic Vice President Nick Favorito represented the seller, collaborating closely with President Adam Zweibel on targeted marketing, buyer sourcing and closing the transaction within just 90 days of engagement.
“Achieving $187,000 per unit on a 1924-vintage, rent-controlled property demonstrates the exceptional demand for renovated, transit-oriented multifamily assets in East Orange,” Favorito said. “We are extremely pleased to have delivered this historic result for our client in such an expedited timeframe. This is another win for our team and reinforces Hudson Atlantic’s position as a top brokerage in the region.”
The team added that 22-30 South Munn Ave. has an average unit size of 912 square feet, hardwood floors, modern kitchens and baths, on-site laundry, 24/7 security cameras and an on-site superintendent.
“This sale further solidifies East Orange as one of northern New Jersey’s strongest multifamily investment markets,” Zweibel said. “Nick’s execution was flawless and once again proves the power of our proprietary, database-driven marketing approach in producing superior, record outcomes for our clients.”
