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December 4, 2012
Gaia Real Estate &
Harel Announce First Joint Sale of East Orange High Rise for
$39.275 Million
Gaia Real Estate Company and Harel
Insurance Investments & Financial Services Ltd. sold a
20-story high rise in East Orange for $39.275 million -- two
years after both parties in a joint venture purchased the
building for $30 million.
“We are pleased to generate great returns to our investors
by identifying this unique added-value opportunity and
managing the capital improvement project and disposition,”
said Gaia Managing Partners Amir Yerushalmi and Danny
Fishman who added that the building, at 320 South Harrison, was
originally purchased by Gaia with $9 million in total equity
and a loan from Harel.
The buyer is SDK Realty Corp. which was represented by HFF
broker Jose Cruze.
In 2010, Gaia rebranded the 273-unit building, “Gaia Park
View” and implemented a major capital improvement program
that included: the conversion of commercial space to
residential units, elevator and lobby improvements,
additional parking spaces and substantial unit renovations
including stainless steel appliances, new kitchen
countertops, cabinets and new bathroom finishes. Gaia
increased the property operating profit by approximately
20 percent.
The building, which was designed by Morris Lapidus, the
architect of the famed Fontainebleau Hotel in Miami Beach,
features a pool, fitness center, valet parking and doorman
service. Many units have balconies and the upper floors
offer Manhattan skyline views.
The property is located near the border of South Orange and
one block from Orange Park, a mile and a half from Seton
Hall University, within three miles of three area hospitals,
and 15 miles from Midtown Manhattan (with an NJT station
under one mile away providing direct rail access to New
York's Penn Station in approximately 35 minutes). The
building is also located near New Jersey's strong employer
base of financial services and healthcare firms.
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