(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.