Gebroe-Hammer Associates said Sept. 28 that it arranged the $11.6 million sale of a 35-unit, signature Class-A apartment home property located at 480 Paterson Ave. in East Rutherford.
Built in 2021 and fully leased within 90 days, 480 Flatz is located at the Paterson Avenue/Hoboken Avenue Business District crossroads in the municipality’s popular Borough Center neighborhood.
Gebroe-Hammer President Ken Uranowitz and Senior Vice President Debbie Pomerantz exclusively represented the developer, East Rutherford Builders LLC – a joint venture of Diversified Properties LLC and North Jersey Builders LLC, in the trade. The buyer is a private unnamed investor, a long-time client of the firm.
“Thanks to Ken and Debbie’s expertise and their highest levels of professionalism, Gebroe-Hammer Associates was able to streamline this deal and bring it over the finish line,” said Nicholas Minoia, founder and managing principal of Diversified Properties, who noted 480 Flatz aligns with the company’s strategy to pursue value-creation opportunities that revitalize and deliver high-quality multifamily product.
Situated in lower Bergen County, East Rutherford is home to the three-venue Meadowlands Complex and American Dream mall. The municipality is located about 7 miles west of Midtown Manhattan.
“As East Rutherford’s newest and most visible apartment-community asset, 480 Flatz is an important anchor for the borough’s thriving business district,” said Pomerantz. “From world-class shopping, premier cultural centers, outdoor recreation and entertainment venues to transit and highway connectivity, 480 Flatz presented a rare-to-market multifamily investment opportunity in the high-barrier-to-entry Bergen County.”
Comprised of 35 total units, the four-story midrise features seven different open-concept floorplan options. These range from studios to three-bedroom/two-bath layouts of 637 square feet to 1,117 square feet.
Upscale apartment features include contemporary island kitchens, designer baths, in-unit full-size washer/dryer and luxury vinyl and ceramic tile flooring. Among the community amenities are a controlled-access modern lobby with a reclaimed-wood feature wall, decorative stamped-concrete exterior walkways, on-premises paved-surface parking and front-door New Jersey Transit bus service to Port Authority Bus Terminal.
“Thanks to its central location in the heart of southwest Bergen County and status as an inner-ring borough of New York City, East Rutherford has emerged as a vibrant residential municipality,” said Uranowitz. “The borough offers its residents a balance of metropolitan luxuries and suburban tranquility – both of which are reflected in 480 Flatz’s lifestyle offerings.”