In a transaction that redefines the investment landscape of Essex County, Hudson Atlantic Realty Advisors announced the record-breaking sale of 22-30 South Munn Ave. in East Orange. The 50-unit, five-story apartment building sold for $9.35 million, setting an unprecedented price of $187,000 per unit—the highest ever recorded for a pre-war, rent-controlled multifamily asset in the city’s history.
The off-market deal was orchestrated by Hudson Atlantic Vice President Nick Favorito, who exclusively represented the seller, and President Adam Zweibel. The team successfully sourced the buyer and closed the transaction in just 90 days, underscoring the intense institutional and private appetite for “vintage-plus” assets in Northern New Jersey transit hubs.
The sale of 22-30 South Munn surpasses previous benchmarks for the submarket, where high-quality pre-war assets typically traded at lower valuations due to rent-control constraints. This record price reflects the property’s rare status as a “gut-renovated” 1924-vintage building.
Key Property Highlights:
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Premium renovation: Fully updated in 2008 with modern kitchens, baths, and hardwood floors.
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Commuter gold: Located just two blocks from East Orange Station, providing a 36-minute direct rail link to Midtown Manhattan.
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Large footprint: Units average 912 square feet, significantly larger than modern new-construction equivalents.
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Security & amenities: Features an elevator, on-site laundry, 24/7 security monitoring, and an on-site superintendent.
The record sale comes at a time when Northern New Jersey’s multifamily sector is seeing a renewed surge in activity. After a period of interest rate volatility in 2024 and 2025, the market is entering a “price discovery” phase where buyers and sellers are re-aligning their expectations.
“Achieving $187,000 per unit on a 1924-vintage, rent-controlled property demonstrates the exceptional demand for renovated, transit-oriented multifamily assets in East Orange,” Favorito said.
Zweibel added that the sale “further solidifies East Orange as one of northern New Jersey’s strongest multifamily investment markets,” noting that Hudson Atlantic’s proprietary, database-driven marketing approach was key to securing the historic outcome.
