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JERSEY CITY, NJ—Stonegate Buildings, a partnership between Steven Gelbtuch’s Garfield Avenue Holdings and Nat Amsel, has sold 238-242 Garfield Avenue, Jersey City NJ to 238-242 Garfield Ave JC LLC for $4.375 million. It’s one of the highest per-unit prices achieved by a Jersey City multifamily property, says Gelbtuch.
Marcus & Millichap’s Steven Matovsky arranged the sale. Stonegate purchased the property in June 2011, taking advantage of the fact that Jersey City is experiencing a rental revival from developers, investors, and tenants who are attracted to its proximity to Manhattan, and convenient transportation via light rail and PATH, Gelbtuch says. This has led to strong and rising prices in the market over the past 2-3 years.
“The activity and price movement particularly in Jersey City are clear indications of a tremendous increase in investor sentiment over the past 12 months,” Gelbtuch tells GlobeSt.com exclusively. “We established Stonegate after the the destructive wave that swept across the US economy in 2008. At that time we identified Jersey City as an investment target when it was still struggling with pockets of poverty and crime, as an up-and-coming neighborhood.”
Gelbtuch and Amsel established Stonegate in 2010 to focus on undervalued multifamily residential complexes in premier locations in Hudson and Bergen County, NJ.