Gebroe-Hammer Associates announced on Wednesday it has finalized the $25.35 million sale of Hamilton House in Weehawken.
The property has 99 units and is located at 700 John F. Kennedy Blvd. East in the township’s highly desirable town center.
Gebroe’s Ken Uranowitz, president, and Niko Nicolaou, executive vice president, represented the seller, Hamilton House LLC, and procured the buyer, Livingston-based Tuli Realty LLC.
Constructed in 1964, the 12-story high-rise offers a mix of 21 studios, 59 one-bedroom, 19 two-bedroom homes, and four penthouses. Some units have private balconies and dens. Amenities include ample parking, laundry centers, two newly-upgraded elevators and front-door NJ Transit bus access.
“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,” Nicolaou, the firm’s Hudson County market specialist, said.
The property was recently updated to include a new roof, two new elevators, and a secure packaging room.
“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.