Mid Atlantic Real Estate Journal — March 1 - 27, 201 — 3A
www.marejournal.com
M id A tlAntic R eAl e stAte J ouRnAl T Tenafly’s 9-unit complex trades for +$21,000 per unit Gebroe-Hammer inks $10. million Apartment sale ENAFlY, NJ — Ge- broe-Hammer As- sociates has orches- buildings feature slate roofs and original windows “in ex- cellent condition,” according to Pine.
The Real Estate Investment Leader. Contact us today to access the largest inventory in the country.
trated the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building garden complex at 30 Engle St. The firm’s executive vice president David Jarvis and senior vice president Greg Pine repre- sented the seller and identified the buyer, a long-time Gebroe- Hammer client, in the transac- tion, which factors out to more than $214,000 per unit. “While we have seen higher per-unit sales for new con- struction, the sale price is ex- traordinary for a garden-style Prestige Grp. appoints Cohen to exec. VP & dir. of RE consulting target. The lease should dictate if such capital expenditures are permissible. 4. The gross-up of expenses is addressed in most leases and if applied properly, is fair to both the tenant and the land- lord. When a building has high vacancy, a landlord can make significant errors when applying this gross-up adjustment, which negatively impacts a tenant’s share of the annual operating expenses, resulting in the tenant paying too much. Paul Stevens, a lease audit specialist said, “Tenants should protect themselves by hiring a professional lease auditor to review their lease and operating expenses to determine if they are being fairly charged. Many tenants have found, by being proactive, they have been able to save thousands of dollars over the term of their lease.” n continued from page 2A ITRAGlobal warns commercial . . . Cohen comes back to Pres- tige Group after a five year en- gagement withOrens Brothers Real Estate, Inc. where he was their director of acquisitions. Cohen previously spent 10 years as Prestige Group’s se- nior vice president of the com- mercial brokerage division. n DEVON, PA — Richard Natow , president of Prestige Group, Inc. announced that Bob Cohen has been appoint- ed executive VP and director of the real estate consulting division.
“This is a rare gem to come on the market,” said Pine. “The pricing was very aggres- sive, and the sale was not con- tingent on financing. The fact that this property did become available was based on the owner capitalizing on the cur- rent multifamily investment market demand, especially for desirable Bergen County properties. There still exists, however, a tremendous sup- ply/demand imbalance.” n
Bryn Merrey Washington, D.C. (202) 536-3700 J.D. Parker Manhattan (212) 430-5100
Spencer Yablon Philadelphia (215) 531-7000 Ryan Nee New Jersey (201) 582-1000
David Jarvis
Greg Pine
property originally construct- ed in the 1930s,” said Pine. “With its park-like setting – Stonegarth occupies just 20 percent of its well-landscaped and partially forested site – it is one of the nicest complexes in Bergen County.” Stonegarth’s four brick
www.marcusmillichap.com
MMSON_MidlanticRealEstate_B&W_FINAL_Layout 1 4/5/13 1:08 PM Page 1
Don’t get burneD. get WHAt’S CoMIng to You. ®
M. MILLER & SON Over 50 Years of Committed Service to the Policyholder
FIRE | WATER | WINDSTORM | COLLAPSE COMMERCIAL, INDUSTRIAL, RESIDENTIAL
LICENSED PUBLIC ADJUSTERS | SINCE 1960 1211 Liberty Avenue Hillside, NJ 07205 Toll Free: 877.664.5537 www.mmillerson.com
PROUD MEMBERS OF
Made with FlippingBook - Online catalogs