5-25-18

4A — May 25 - June 7, 2018 — M id A tlantic

Real Estate Journal

www.marejournal.com

M id A tlantic R eal E state J ournal

a c k e n s a c k / Fairview/Passa- ic, NJ — In Bergen 145 units located in Hackensack, Fairview and Passaic Gebroe-Hammer arranges 3 multifamily sales totaling $22.6M in Bergen/Passaic, NJ apartment submarkets H elevators and feature a mix of layouts ranging from one- to four-bedrooms.

for even greater residential migration to a small city – out- side of New York City – where the residential housing stock is dominated by multi-family and the apartment-rental life- style is king.” Also in Bergen County, Pomerantz represented the seller and procured the buyer of 47 Bergen Blvd., Fairview. Built in 1989, the 12-unit property garnered a $204,167 per-unit price in the sale. The all-brick façade three-story building is close to a grocery store, diner, schools and sev- eral bus stops. “This area of the municipality stands out for its high concentration of bus lines, which about 20% of the population ride to get to work,” added Pomerantz. Rounding out Gebroe-Ham- mer’s recent Bergen/Passaic sales is the trade of 23-25-27 Jackson St., Passaic, also ar- ranged by Pomerantz. Sold for $2.15 million, the 18-unit gar- den-apartment community fea- tures a mix of one one-bedroom, 13 two-bedroom and four three- bedroom layouts. The building was constructed in 2002 and is close to the major thoroughfare of Rte. 21. New York City is only 12 miles away.  Procida Funding provides $5.5million acquisition loan to revitalize RcaVictor HQ in Camden, NJ CAMDEN, NJ — Procida Funding announced a $5.5 million acquisition loan by its 100 Mile Fund to Millennial Place, LLC for the acquisition, marketing, light rehabilitation and lease-up of Camden’s his- toric RCAVictor World Head- quarters at 201 N. Front St. The office building was con- structed along Camden’s Dela- ware River waterfront in 1916. “The property is appealing for its historic value as head- quarters for the company that revolutionized the radio and television industry, as well as its location in Camden, a city that is on the cusp of a major renaissance,” said William ‘Billy’ Procida , president and CEO of Procida Funding, LLC who is also an accomplished singer and guitarist. “We’re excited to support a project that will transform the former epicenter of the music indus- try into its next generational use.” 

Debbie Pomerantz orches- trated two sales involving a low-rise building in Fairview as well as a garden community in Passaic. In the Hackensack trade, Ge- broe-Hammer represented the seller and procured the buyer of 115 total units at Regency Apartments, 50 Anderson St.; 46 Anderson St.; and Park Lane Apartments, 430 Union Ave. Each is situated adjacent to Anderson Park and within steps of NJ Transit’s Anderson Street/Union Avenue bus stop on the corner. Collectively, the mid-rise buildings have

“As the recent recipient of a New Jersey Smart Growth Award, Hackensack is cur- rently in the midst of a renais- sance targeting the downtown district that will bolster its population density, which is already extremely high in the Bergen County seat,” said Nicolaou. “In addition to extensive residential rede- velopment, public initiatives such as the Atlantic Street Park and transit-village des- ignation are paving the way

and Passaic counties, where effective rents are projected to advance modestly through 2019, Gebroe-Hammer As- sociates has arranged three separate transactions totaling 145 units sold for a combined $22.6 million. The brokerage team of executive managing director David Oropeza and senior vice president Nicho- las Nicolaou , along with executive vice president Greg Pine , arranged the sale of a three-property package in

430 Union Ave.

Hackensack for $18 million while senior vice president

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