UNION CITY, NJ—Sun Realty and Gibraltar Realty has paid $15.25 million for the acquisition of 189 condominium units at the Lenox, a condominium building at 500 Central Ave. in Union City, N.J.
City-based Eastern Consolidated’s Deborah Gutoff and George F. Moss, both senior directors, represented the seller, 500 Central Avenue SPE LLC, while Lipa Lieberman and Gabriel Saffioti, senior director and director, respectively, procured the buyer.
“This is a very well-positioned property that will only continue to benefit from the current upsurge in the Northern New Jersey residential sales market,” said Gutoff. “Union City and the surrounding areas of Hoboken, Jersey City and Weehawken offer some of the most luxurious Manhattan-style condos at a substantial discount, and this is another indicator ofdemand for luxury-quality, income-producing assets across the river from New York City.”
Currently, 142 of the 189 condos are occupied. The package is comprised of a mix of studio, one- and two-bedroom units.
The new ownership plans to renovate the vacant units to include high quality finishes. The property recently underwent a $2.4 million renovation to its common areas, which include a new marble lobby, community room, fitness center and landscaped courtyard.
In addition to the condominiums, the buyer also acquired four retail condos at the property, which, taken together, total 3,621 sq. ft. of space, and a 225-space parking lot.