B6 Real Estate Advisors, a New York City-based investment sales and capital advisory brokerage, is making a big push into Hudson and Union counties.
The firm, led by industry veteran Paul J. Massey Jr., currently holds approximately 500,000 square feet in property listings valued at $75 million in New Jersey.
The firm announced Monday it is increasing its presence in the state, as Peter Cabrera, director of capital advisory, is being added to the New Jersey team.
Yanni Marmarou, director at B6, is spearheading the respective Hudson and Union County listings.
Cabrera, who will work alongside Marmarou, specializes in advising clients on debt and equity placements, with a focus on the middle market space in the northern New Jersey market. He is currently overseeing approximately $400 million in financing mandates.
“We are very bullish on our continued expansion in the New Jersey market, with many active listings and recent closed transactions,” Marmarou said. “With New Jersey’s competitive housing market and the rise in remote work, demand is increasing further outside of New York City.”
B6 is short for “Building by Building, Block by Block.”
It was established in 2018 and has since been expanding its portfolio and presence in New Jersey ever since.
Marmarou said he expects the expansion to continue.
“We are seeing a strong appetite for industrial properties and for sites in close proximity to NJ Transit,” he said. “Adding Peter to the Hudson County team provides our clients with best-in-class capital advisory services and positions us to serve as a one-stop resource for any major capital event an owner in the market is facing.”
B6’s current Hudson and Union County listings include:
- 1697-1701 Elizabeth Ave., Rahway: A 22,800-square-foot subject property located in the downtown district of Rahway. Two buildings connected by a one-story flex space, the warehouse benefits from approximately 30′ ceilings throughout. The building is currently used as warehouse/distribution center.
- 277-301 West Side Ave., Jersey City: A 51,000-square-foot site located in the West Side Avenue Redevelopment Zone. It allows for 137 residential units “as of right” in a tax incentivized Opportunity Zone. The redevelopment plans allows for a six-story, mixed-use development, with unobstructed views of the Manhattan Skyline.
- 212-230 Culver Ave., Jersey City: A 55,984-square-foot site located in the 440/Culver Redevelopment Zone permits an eight-story, 305,000-square-foot “as of right” mixed-use development in a tax incentivized Opportunity Zone.
- 70 Mallory Ave., Jersey City: A 31,000-square-foot site located in the 440/Culver Redevelopment Zone permits a six-story, 124,000-square-foot “as of right” development in a tax incentivized Opportunity Zone, one block from the West Side Avenue Light-Rail station.
- 450-452 1st, Hoboken: A 12,400-square-foot, 16-unit mixed-use property (two six-unit buildings) with the potential to convert rentals units to condominiums. The property also offers four retail storefronts with additional parking in the rear of the property.
- 400 Monroe St., Hoboken: A 5,000-square-foot, seven-unit multifamily property with long-term potential to convert units to condominiums.
- 330 Hudson St., Hoboken: A 5,000-square-foot, five-unit multifamily property. Brownstone apartment building has rear access with conversion potential for high-end condominiums.
Cabrera said he is eager to get moving.
“Over the course of my tenure at B6, collaboration between the investment sales and capital advisory business lines in our Territory Network model has proven accretive to our clients, and the company’s growth, despite market disruption, positions us to capture market share in 2021 and beyond,” he said.
“The Hudson County market specifically enticed me due to its high volume of construction financing opportunities, as well as strong market fundamentals surrounding the industrial, office and multifamily asset classes. Alongside Yanni and his team, I look forward to providing value to owners in the Hudson County market for years to come.”