6B — June 9 - 22, 2017 — Central New Jersey — M id A tlantic
Real Estate Journal
N orthern N ew J ersey
44 units feature market-unique layouts, historic art deco elements and array of amenities Gebroe-Hammer Associates establishes new multi- familyper-unit-price forEastOrangewith$11.25msale E
neighborhoods, each of which has its own character and aes- thetic landscape, East Orange is a city of service providers, sales and office workers and executives who appreciate the wide range of residential living options, a walkable lifestyle and immediate access to mass- and vehicle-transit options.” Built in the late 1920s, the Castle is a classic Art-Deco-era building with hand-painted tile in the lobby, vaulted ceilings, large windows with abundant natural light and spectacular views of New York City and South Mountain Reservation.
“This is a truly exquisite prop- erty, with unheard-of front-to- back layouts, reminiscent of the urban-chic buildings that pep- per Manhattan’s Central Park South landscape,” said Oropeza. Last sold in 2013, 75 Prospect St. is known for its highly unique layouts, among which are three 2BR/1 bath, two 2BR/2 bath, 21 3BR/2 bath, 17 4BR/3 bath and one 5BR/4 bath units. Each features beautiful finishes such as hardwood floors, crownmold- ing and original architectural details, updated eat-in kitchens with stainless-steel appliances, granite or quartz countertops, renovated bathrooms with re- laxing soaking tubs, decorative fireplaces and expansive dining rooms. Many of the larger units also feature in-law suites with private baths. Situated in the tree-lined Park Ave./Washington Street neighborhood at the cross- roads of the Garden State Pkwy. and Rte. 280, the 10-sto- ry all-brick building features four elevators, doorman ser- vice, state-of-the-art secu- rity system, assigned covered parking and detached garages. It is just one block from shop- ping, a supermarket, Bank of America, Dunkin Donuts and many other lifestyle service establishments. In addition, the complex is situated two blocks fromBrick Church Train Station. Served by the Morris and Essex Line, Brick Church offers less than 30-minute door-to-door service to NY Penn Station. Destina- tions also include Hoboken Terminal to the east and Dover and Hackettstown Sta- tions, to the west. “Long recognized as a grand, striking fixture on the East Orange skyline, the Castle has both old-world charm and modern amenities that appeal to the city’s diverse age demographic, from estab- lished, young professionals to empty-nesters and retirees,” added Oropeza. “The Castle offers a lifestyle like no other in the city and symbolizes East Orange’s past as well as its now-underway resurgence.” The Castle is located near an array of recreational ven- ues, cultural centers and area colleges and universities as well. These include Newark Museum, Branch Brook Park, Van Vleck House & Gardens, Seton Hall University and Rutgers New Jersey Medical School/Newark Campus. n
ast Orange, NJ — Gebroe-Hammer Associates has estab- lished a new, all-time-high price-per-unit benchmark with- in one of the state’s hottest urban multi-family submarkets with the $11.25 million sale of 44 luxury apartment-rental units at 75 Prospect St., in East Orange – known as the “Castle on Prospect.” Managing Direc- tor David Oropeza, the firm’s urban market specialist, exclu- sively represented the seller and procured the buyer, a long- time client and veteran East Orange investor, in the trans-
75 Prospect St.
action that yielded a $250,000 per-unit price. From contract to closing, the trade was finalized within a three-week timeframe. “Renters and investors have discovered New Jersey’s new- est crown jewel – East Orange, where almost three-quarters of
the population are renters and about 80% of the housing stock is comprised of small, mid- and high-rise apartment buildings,” said Oropeza, a 30-year Gebroe- Hammer and East Orange/Es- sex County brokerage veteran. “Comprised of 19 constituent
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