Gebroe-Hammer Associates has arranged the $23.8 million sale of The Fairmount at McGinley Square, a 58-unit luxury community in Jersey City, N.J. Executive Vice President Niko Nicolaou negotiated on behalf of seller KABR Group and procured the buyer, Tenth Avenue Holdings.
Completed last year at 280 Fairmount Ave., the five-story building houses studio, one- and two-bedroom floorplans ranging from 412 to 1,003 square feet. Community amenities include a rooftop deck, covered parking, bike storage. The property also has 3,200 square feet of ground-floor retail leased to SportsMed Physical Therapy.
The property is some 2 miles west of downtown Jersey City in the McGinley Square neighborhood, home to a wide variety of shopping and dining options. The community is within 1 mile of Journal Square Transportation Center, linking the area 5 miles east to Manhattan.
In May, a Gebroe-Hammer brokerage team assisted the seller and procured the buyer in the disposition of a 125-unit community in South Amboy, N.J. Woodmont Properties sold the asset for $43.6 million.