A large multi-family complex along North Bergen’s western slope has changed hands as the Hudson Mews Apartments is officially sold to new owners.
Representatives of CBRE, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Daniel Blumenkrantz, announced the sale of the development. The company represented both the seller, Hudson Capital Properties, and the purchaser, Sym Investments, in the transaction.
Hudson Mews is a 288-unit multifamily community situated on Paterson Plank Road near North Bergen’s borders with Union City and Weehawken. Built in two phases during 2019 and 2022, the complex spans six buildings and benefits from a 30-year Payment in Lieu of Taxes (PILOT) deal while providing investors with mark-to-market upside.
The development offers an expansive amenity package that includes a clubhouse with resident lounge, outdoor pool, fitness center, dog run, and children’s playroom, among others.
“Our team continues to find creative solutions to get large multifamily transactions over the finish line despite the challenging economic conditions due to interest rate volatility,” said Jeffrey Dunne, Vice Chairman with CBRE. A price for the transaction was not disclosed.
A press release from the company noted that in the past five months, CBRE has completed notable multifamily transactions throughout the New York City region. Their biggest deals include Sutton Landing Deer Park (200 units), Sutton Landing Mount Sinai (225 units), Avalon Mamaroneck (229 units), 15 Bank (501 units), and now Hudson Mews (288 units), a portfolio that totals over $600 million in deals.
