Hamilton House at 700 John F. Kennedy Blvd. East in Weehawken — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A longtime multifamily owner has reaped more than $25 million from the sale of a 99-unit apartment building in Weehawken, brokers with Gebroe-Hammer Associates announced.
The brokerage firm said it represented the seller, Hamilton House LLC, in the transaction at 700 John F. Kennedy Blvd. East. An entity listed as Tuli Realty LLC purchased the 12-story building known as Hamilton House for $25.35 million.
Gebroe-Hammer President Ken Uranowitz and Executive Vice President Niko Nicolaou completed the transaction.
“Hamilton House’s central positioning and sustained tenant demand rendered this a prime value-add multifamily investment opportunity where the buyer can expand upon the owner’s recent enhancements,” said Nicolaou, the firm’s Hudson County market specialist.
In a news release Tuesday, Gebroe-Hammer touted the building’s location along North Hudson’s highly trafficked and most popular residential and commercial corridor. The 56-year-old property also benefits from recent updates such as a new roof, pointing and modern parapet-wall installation, the addition of two modern elevators and a new package room.
Hamilton House was includes studio, one-bedroom and two-bedroom apartments, four of which are penthouses.
“Both the seller and the buyer were committed to seeing the transaction through because Hamilton House is a rarity in any investment environment, given its tree-lined suburban-like locale, walkability to grocery stores, pharmacies, banks, take-out and green open spaces — all of which are integral to today’s executive and established-millennial tenant base in this work- and learn-from-home period,” Uranowitz said.
He added that the firm’s brokers have continued to complete noteworthy apartment deals during the coronavirus crisis.
“We are still closing deals during this challenging economic period as buyers continue to seek out multifamily properties knowing that this asset class will always weather any downturns — as I have witnessed throughout my 45 years in the business — because of the basic human need for shelter,” Uranowitz said. “As we gradually ‘reopen,’ the new normal may indeed encompass a significant telecommuter population base, thereby further emboldening the strength of multifamily properties — which is the already-favored investment over office and retail asset classes.”