A 10-unit apartment building on West Scott Avenue was part of a portfolio of recent construction that recently changed hands.
Become a Patron of RahwayRising.com!
Brookside Court, a 4-year-old building on West Scott Avenue between Allen and Price streets, was part of a $21.2-million deal for 72 units that included five different properties. The other four properties were in Woodbridge, Avenel, and Colonia. Livingston-based brokerage firm Gebroe-Hammer Associates announced it represented an unnamed seller in the two deals that totaled $25.5 million. Another 15-unit building in Avenel sold for $4.2 million was part of the transaction by “a single unnamed seller.”
Brookside Court is the site of the former Koza’s Bar and was constructed after several other proposals came and went in the late 2000s. An application to build nine condos received Zoning Board approval in October 2008, after rejecting an application for 12 condos in 2007. The nine-condo plan, however, never got beyond demolition in late 2009.
In early 2014, the Zoning Board rejected an application for a three-story, 12-unit complex. The application came back that October as a two-story building, with 10 two-bedroom apartments and 18 parking spaces, which gained approval. It was constructed less than four years ago.
Assessed for $921,400 ($703,300 for improvements/$218,100 for land), the property generates about $63,000 in taxes, according to property records.
“Marketed as the Metropark Portfolio for its proximity to the transit hub that bears the same name, these buildings presented both buyers with an extremely rare, unique-to-market opportunity to acquire one or more of the six newly constructed buildings from the original developer,” said Niko Nicolaou, an executive vice president with Gebroe-Hammer, who represented the seller.
Gebroe-Hammer Senior Vice President Debbie Pomerantz procured the buyer of the portfolio, which is made up of two- and three-story single-building complexes built between 2013 and 2016. Progress Capital Partner Brad Domenico secured financing for the transaction.
If you enjoyed this post, please consider supporting RahwayRising.com by becoming a Patron.
