Grand Gardens, a 16-unit apartment building in Jersey City has been sold for $2.35 million, according to a Wednesday announcement from Hudson Atlantic.
The property was listed, marketed and sold by Ben Susskind, one of Hudson Atlantic’s rising stars, with support from Adam Zweibel, co-founder and managing partner of the firm.
Susskind said the property traded at an impressive 4.46% cap rate when lending rates are significantly higher provides testament to Hudson Atlantic’s unparalleled ability to identify the right target buyer pool.
“I am thrilled to have closed my first deal only eight months into the industry and to have played a key role in its successful sale. The support and mentorship from Adam Zweibel and the entire Hudson Atlantic team were instrumental in achieving this outcome,” Susskind said.
Zweibel commended Susskind for his professionalism and strategic approach throughout the sale process.
“We are proud to have Ben as part of our team, and his success with Grand Gardens represents our commitment to delivering exceptional results for our clients. The collaboration between Ben and the rest of the Hudson Atlantic team highlighted the strength of our collective expertise in the real estate industry,” he said.
Located in the heart of Bergen-Lafayette section, Grand Gardens was built in 1950 and is situated in a prime neighborhood in Jersey City surrounded by new developments all around it. The property consists of one- and two-bedroom apartments that have $600-plus rent upside and is within walking distance to a light rail station offering a 20-minute commute to Manhattan.