4614-16 Park Ave. — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A local investor has acquired two apartment buildings with a combined 38 units in Weehawken, following a transaction arranged by Gebroe-Hammer Associates.
The brokerage said Wednesday that it represented the seller and procured the buyer of the properties, located at 10-12 48th St. and 4614-16 Park Ave. The buildings, which are within a block of each other, sold for a combined $6.3 million.
Gebroe-Hammer Senior Vice President Nicholas Nicolaou exclusively represented the seller, which completed the deal under the entity names of 10-12 48th ST LLC and 4614-4616 Park Avenue LLC. The buyer was a local private investor.
“Throughout Hudson County, which has been undergoing a wave of development in recent years, experienced investors have a renewed sense of enthusiasm for existing apartment buildings that would benefit from modest upgrades — mostly to kitchens and baths,” Nicolaou said. “Rents and occupancies at existing buildings offering the same views and transit-fueled/walkable lifestyle as their Class-A property counterparts are benefitting from the trickle-down effect of higher-priced rents at these new-to-market developments.”
Nicolaou pointed to Weehawken’s location just outside the Lincoln Tunnel and its appeal to college-educated working professionals and artists. The township’s average market rent of $1,970 is significantly less than Manhattan, Gebroe-Hammer said, noting that average market rent across the Hudson River is $2,413.
“Its greatest draw is that it offers a visual of and easy access to all that New York City has to offer, at a much more affordable cost of living,” Nicolaou said.
The four-story 48th Street building, which sits at the corner of JFK Boulevard East, features 13 two-bedroom units and four three-bedrooms. The 21-unit Park Avenue building sits at the corner of 47th Street and has a range of studios and one-, two- and three-bedroom layouts.
Both are located in the Park Avenue/Gregory Avenue neighborhood of Weehawken and are within about a mile of major transit centers on Bergenline and Tonnelle avenues and at Port Imperial and Lincoln Harbor, the news release said.
