Hudson Atlantic Realty recently announced its latest closing, a $13.5 million sale of two properties in Montclair.
Located at 10 Roosevelt Place and 47 North Fullerton Ave., the assets include 56 residential units and one commercial unit in a Transit Village at the foot of the First Watchung Mountain. The brick buildings include a mix of studios, one-bedroom and two-bedroom apartments.
Both properties were meticulously maintained, with large unit sizes, wood flooring, tiled bathrooms and on-site laundry.
“The seller trusted us to identify the most active and aggressive buyers so they would realize the highest selling price,” Adam Zweibel, managing partner, Hudson Atlantic Realty, said.
Zweibel said there were also some challenging aspects of the deal, created by a municipal rent control ordinance first passed by the township during COVID-19 in April 2020. Subsequently, the Montclair Property Owners Association immediately and successfully sought an injunction that prevented it from going into effect, which then tied the issue up in court.
“Despite the uncertainty that the unresolved rent control issue created, we were able to overcome that obstacle and achieve very aggressive pricing on a deal that was difficult to underwrite for buyers,” Zweibel said.
Founded by Jeffrey Otteau and Adam Zweibel, Hudson Atlantic Realty was created to provide brokerage services to property owners, investors and commercial real estate developers.