SOUTH ORANGE, NJ—A partnership of EEA Industries and Soundview Real Estate Partners—and affiliates South Orange Commons Tenant and South Orange Commons III Urban Renewal—has sold The Gateway, a new highly-acclaimed transit-oriented development with 57 luxury apartments and 9,000 square feet of Class A retail space in downtown South Orange, NJ, to Shamah Properties, a private investor, for $32.77 million.
With a per unit price approaching $550,000, the sale of The Gateway exceeded the previous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from Real Capital Analytics, a proprietary real estate research firm.
The Kislak Company's mother-daughter sales team of senior vice president Joni Sweetwood and sales associate Julie Gralla handled the deal. Sweetwood represented the sellers and Gralla represented the purchaser.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
