Two Plainfield Multifamily Properties Trade for More Than $15M
The largest of the two trades involved the $12-million sale of Stoney Brook Gardens along the city’s main East Front Street corridor.
PLAINFIELD, NJ—Brokerage firm Gebroe-Hammer Associates reports it has arranged two separate multifamily transactions totaling 97 units sold for a combined $15.23 million.
The sales of Stoney Brook Gardens at 643-715 E. Front St., and Executive Arms Apartments at 309-315 W. 8th St., were spearheaded by Gebroe Hammer EVP Stephen Tragash.
The largest of the two trades involved the $12-million sale of Stoney Brook Gardens along the city’s main East Front Street corridor. Tragash exclusively represented the seller of Stoney Brook Gardens, Stoney Brook Associates LLC, and identified the buyer, a private unnamed investor.
Built in 1961, the 70-unit garden-apartment complex features 70 units, all of which are 1,033 square-foot two-bedroom/one-bath layouts.
In the $3.23-million trade of Executive Arms, Tragash also exclusively represented the seller, 315 West 8 LLC, and EVP Niko Nicolaou procured the buyer, a private unnamed investor.
Situated between Madison and Central avenues, Executive Arms consists of 27 units, all of which are 950 square-foot studios.
“Plainfield has launched an aggressive redevelopment plan focusing on leveraging the medical and performing arts while adding to its existing housing stock in order to attract millennials and families,” Tragash notes. “The city’s solid urban core, vibrancy and strong existing infrastructure are what attracted each of the buyers, both of whom recognize the untapped value-add and repositioning potential at these existing properties.”
He adds that the $500-million Plainfield Redevelopment Plan will deliver more than 700 workforce housing and luxury units as well as the adaptive reuse of Muhlenberg Hospital.