PROPERTY NAME: LIVINGSTON HOMES
ADDRESS: 142-172 Somerset St, Newark,NJ
DESCRIPTION:Dane PCG has been retained as the exclusive agent in the sale of Livingston Homes. Located only seventeen miles from Manhattan, Livingston Homes is near to New York City business & commerce. The commute via the PATH Train is 24 minutes to and from Newark and downtown Manhattan. Newark is the largest city in New Jersey and has become a hub of high profile entertainment and professional sport attractions given the accessibility and popularity of the Prudential Center. Newark’s local economy continues to grow as high profile developments have increased in recent years and outside companies and families have found Newark to be an advantageous location given its proximity to New York City.
Livingston Homes is a 100% Project Based Section 8 Property consisting of 82 units located on a single site in Newark, New Jersey. In June of 2002, the Mark-to-Market restructuring was completed at which time the project obtained a new mortgage and a 20-year HAP contract effective 2002. In 2011, the same HAP contract was renewed for 10 additional years (with a 20 year term from 2011) extending the expiration to 2031. As a steady growth asset, Livingston Homes presents a great opportunity for diversification for one’s portfolio.
Livingston Homes represents an ideal acquisition for either affordable housing tax credit developers and/or cash buyers for the stable income the property produces. Value exists to a future owner to manage an upgrade of the property to allow operations to be more efficient and possibly take advantage of the tax credit program. Ultimately, this will allow for an increase in net operating income for the property. In addition, air rights may exist for future development of the property. We would advise one to review with their respective professional consultants on the likelihood of this opportunity.
Livingston is a great opportunity for a party to expand their portfolio in New Jersey. The stable income and location are just two attributes that make Livingston Homes an asset to own.
Livingston Homes can be packaged with Somerset Homes, also marketed by Dane PCG. If you would like to receive more information Livingston Homes, please contact email@example.com and/or firstname.lastname@example.org.