EDGEWATER, NJ-The majority of units at the Park House, a luxury condo project at 1100 River Rd. here, have been placed on the market to sell as a single unit. In total the property has 24 units, three of which have been sold and one is currently under contract. According to spokeswoman for Eastern Consolidated, which is marketing the property, the portfolio is expected to sell for more than $7 million.
The Park House is a five-story, 24,229-sf building. Of the 20 units in the sale package, eight are in the middle of a one-year lease, with an option for renewal, while 12 are completely vacant. Individually on the market the condos are selling for more than $500 per sf, according to the spokeswoman.
Eastern Consolidated's Jeffrey Troy, Deborah Gutoff and Paul Nigido are representing the seller. The sellers name was not disclosed.
"Rarely does such a prime piece of residential real estate come to market, and rarely does a potential investor have such an excellent opportunity to maximize rental income in a condo market that has temporarily cooled," says Gutoff, in a statement. "These condos are first-rate, high-end products. They will rent swiftly at high market rates, and when the demand for condominiums accelerates, the new owner can maximize his investment by bringing the appreciated condos to market."
Gutoff says the area around the Park House is ideal for young professionals since it is near transportation into New York City and includes amenities like a tennis club, restaurant and shopping center mostly within walking distance.
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