4B — April 27 - May 10, 2018 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers &M anagers Sales activity concentrated inNJ’s Hudson&EssexCounties Gebroe-HammermarksQ12018 with23Deals/2,438units/$340.5M L ivingston, NJ — It seems nothing – not even the unpredictable


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the quarter, the firm’s multi- family market specialists had the highest concentration of sales in New Jersey’s Hudson and Essex counties – both of which continue to be hotbeds for development, revitalization and gentrification. “Millennials and Baby- Boomers, not to mention the Great Recession, have shifted the dynamics of residential living even further toward rentals,” said KenUranowitz , president and a 43-year multi- family investment brokerage veteran. “From a lack of home affordability and family forma- tion, to an aging population ex-

iting single-family home own- ership for a maintenance-free easier lifestyle, multi-family properties have remained atop the food chain of real estate in- vestment by attracting record demand for value-add opportu- nities in cities undergoing a re- birth, properties bridging new construction and pre-1970s product in well-established suburban communities.” Uranowitz added, “Regard- less of where multi-family as- sets are located, as long as they are near – and transit acces- sible to – employment centers like Jersey City, Newark, New York City and Philadelphia, as well as lifestyle services, they are competitively bid upon. Supply is short, and competi- tion is fierce.” In Hudson County, Gebroe- Hammer’s market specialist and senior vice president Nich- olas Nicolaou , along with executive managing director Joseph Brecher , senior vice president Debbie Pomerantz and sales associate Eli Her- skowitz , collectively arranged six separate sales of over 1,400 units spanning Union City, Hoboken, Jersey City and Bayonne. “Hudson County is showing it has lasting appeal beyond its waterfront as high-end development creeps inland, rendering existing properties primed for capital improve- ments and repositioning even more attractive when it comes to both tenants and investors,” said Nicolaou. Similar market fundamen- tals abound in nearby Essex County’s Newark and East Orange, both of which are mid-stream in a renaissance that is gaining momentum. In “Brick City” – New Jersey’s most populous city garnering tremendous attention thanks to its Amazon headquarters bid and the roll out of new neigh- borhood redevelopment plans – executive vice president David Jarvis represented the seller and procured the buyer in the $50 million sale of 452 multi-family units at Forest Hill Terrace Apartments. The iconic 1940s-era critical-mass garden-apartment community is representative of in-demand premium product with bound- less value-add potential. In neighboring East Orange, completely refurbished proper- ties and new developments now occupy parcels where formerly continued on page 22B

weather in Q1 2018 – could dampen multi-family investment velocity for the Livings- ton, NJ-based b r o k e r a g e firm Gebroe-

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Hammer Associates , which recorded a total of 23 deals totaling 2,438 units sold for a combined $340.54 million to close out the first three months of the year. During

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