75 Prospect Street, East Orange, NJ
EAST ORANGE, NJ—The recent sale of 44 luxury rental apartments at 75 Prospect Street in East Orange, NJ has set a new, all-time-high price-per-unit benchmark within one of the state’s hottest urban multi-family submarkets.
Gebroe-Hammer Associates brokered the $11.25 million sale of the property, known as the “Castle on Prospect.” Managing director David Oropeza, the firm’s urban market specialist, exclusively represented the seller, identified by Real Capital Analytics, a proprietary research database, as East Orange-based KEC Properties.
Oropeza also procured the buyer, who was identified only as a long-time client and veteran East Orange investor. The transaction yielded a $250,000 per-unit price. From contract to closing, the trade was finalized within a three-week timeframe.
“Renters and investors have discovered New Jersey’s newest crown jewel – East Orange, where almost three-quarters of the population are renters and about 80% of the housing stock is comprised of small, mid- and high-rise apartment buildings,” says Oropeza, a 30-year Gebroe-Hammer and East Orange/Essex County brokerage veteran. “Comprised of 19 constituent neighborhoods, each of which has its own character and aesthetic landscape, East Orange is a city of service providers, sales and office workers and executives who appreciate the wide range of residential living options, a walkable lifestyle and immediate access to mass- and vehicle-transit options.”
Built in the late 1920s, the Castle is a classic Art-Deco-era building with hand-painted tile in the lobby, vaulted ceilings, large windows with abundant natural light and spectacular views of New York City and South Mountain Reservation.
“This is a truly exquisite property, with unheard-of front-to-back layouts, reminiscent of the urban-chic buildings that pepper Manhattan’s Central Park South landscape,” says Oropeza.
Last sold in 2013, 75 Prospect St. is known for its highly unique layouts, among which are three 2BR/1 bath, two 2BR/2 bath, 21 3BR/2 bath, 17 4BR/3 bath and one 5BR/4 bath units. Each features hardwood floors, crown molding and original architectural details, updated eat-in kitchens with stainless-steel appliances, granite or quartz countertops, renovated bathrooms with soaking tubs, fireplaces and dining rooms. Many of the larger units also feature in-law suites with private baths.
Situated in the Park Ave./Washington Street neighborhood at the crossroads of the Garden State Parkway and Route 280, the 10-story all-brick building features four elevators, doorman service, state-of-the-art security system, assigned covered parking and detached garages. It is just one block from shopping, a supermarket, Bank of America, Dunkin Donuts and many other lifestyle service establishments.
In addition, the complex is situated two blocks from Brick Church Train Station. Served by the Morris and Essex Line, Brick Church offers less than 30-minute door-to-door service to NY Penn Station. Destinations also include Hoboken Terminal to the east and Dover and Hackettstown Stations, to the west.