Gebroe arranges $19.5M sale of midrise apartment community in Newark

Gebroe-Hammer Associates, a Livingston-based brokerage firm, announced on Tuesday it has arranged the $19.5 million sale of a newly-developed midrise apartment community in East Newark.

Niko Nicolaou, the firm’s Hudson County market specialist, represented the seller, Madison Hill Properties, and Adam Zweibel, senior vice president at Gebroe, procured the buyer, Fort Lee-based SELA Realty Investments.

Constructed in 2013, the four-story, 60-unit St. George Harrison Apartments is “a residential pillar associated with its in-demand layouts and luxury-lifestyle apartment and community amenities,” Nicolaou said.

The building is comprised of 25 one-bedroom and 35 two-bedroom layouts ranging in size from 720 to 1,184 square feet. Apartments feature modern kitchens with stainless-steel appliances, hardwood floors, in-unit washer and dryer, central air, and more. On-premise amenities include a terrace with NYC skyline views, a fitness center, residential lounge and a heated on-site garage.

“This high walk score, tree-lined neighborhood also has an exceptional geographic locale, offering a travel time of 20 minutes to New York City and five minutes to Jersey City and Newark – all key hubs for employment and urban-sophisticate offerings in the region,” Nicolaou said. “Because of these factors, East Newark has recorded Harrison’s greatest neighborhood income growth and property appreciation rate in the last five years.”

The building is within close access to commuter networks such as Newark Broad Street Station, Harrison PATH Station and NJ Transit bus routes. Highway access connects to interstates 280 and 95, the New Jersey Turnpike, routes 1, 9 and 21, and the Newark Turnpike/Route 508.

“East Newark is a case study in how a former manufacturing center can evolve into an eclectic pedestrian-scale neighborhood with exponential tenant and economic growth,” Zweibel said. “The buyer recognized St. George Harrison’s immediate and long-term capabilities at a time when Hudson County is drawing an influx of New York City transplants.”