Hudson Atlantic Realty on Wednesday said it closed the $14.7 million sale of Tudor House Apartments in Madison, which works out to total approximately $565,000 per unit. Built in 2015, this exceptional property included 26 luxury apartments in a classic Tudor-styled building with garage parking and in-unit laundries.
The property is situated in Madison’s walkable downtown business district within a short walk to restaurants, shops, NYC Direct train service and within a 10-minute drive of Drew University, Fairleigh Dickinson University and Morristown Medical Center.
Adam Zweibel, the firm’s managing partner, noted, “Closing this sale at a record-setting price and pace within only five weeks of being exclusively listed demonstrates that deals can get done despite today’s challenging financial circumstances.”
Nicholas Favorito, a sales agent with Hudson Atlantic, also participated on the transaction team said.
The closing of this sale follows Hudson Atlantic’s successful first year of operation in 2022, with $293 million in closings spanning 1,300-plus apartment units.
Jeffrey Otteau, the firm’s managing broker, added, “Our deep understanding of market dynamics, together with a surgically targeted marketing plan enabled us to deliver quickly on behalf of our client.”