New York & Tri-State + New Jersey + Apartments | March 19, 2021

Newly Built Seniors Housing Trades in Sayreville

AMS Acquisitions LLC, a New York City-based investment firm, sold Gillette Towers, a two-building seniors housing community in Sayreville, NJ for $28 million. The buyers were A&RW Properties LLC and its affiliates, JYW Holdings LLC and Nadlan Capital Inc.

AMS purchased the two building, 136-unit site in 2019 for $13 million from Gillette, a New Jersey-based development firm. The 80-unit building at 100 Kennedy Dr. was already completed, and AMS subsequently broke ground on the 56-unit second building at 110 Kennedy Dr.

While other New York City developers have moved to Florida or Texas, “We have continued to invest in the NY metro area, developing projects in suburban counties of New York and New Jersey,” said AMS principal Michael Mitnick.

The buyer closed with its own equity and a bridge loan from lender MF1 Capital LLC, represented by brokers David Eisen and Meir Kessner of Sevenstone Capital.

Connect

Inside The Story

Connect With AMS

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).