M id A tlantic Real Estate Journal — New Jersey — December 18 - January 14, 2020 — 3B N ew J ersey


Projected transaction closings expected to mirror year-end surges of past years Gebroe-Hammer records $164M in September/October sales


garden apartments to class A new construction. “In particular, New Jersey has attracted an influx of for- mer city dwellers seeking to relocate so they can have more square footage, be near outdoor spaces like parks and beaches and take full advantage of life- style services in the immediate and surrounding area – all at a cost savings,” said Uranowitz. “This migration is padding the tenant pipeline and will con- tinue to do so as more compa- nies adopt the work-from-home model over the long term – and perhaps even permanently. In terms of performance, overall

occupancies are holding steady and rent payments are, for the most part, not significantly lagging – both good signs the trajectory will continue to inch upward throughout 2021 and beyond.” Another positive sign of mul- tifamily’s resiliency is the num- ber of deals Gebroe-Hammer has in the pipeline that are slated for closing before year end. “This surge in deal-closing velocity mirrors fourth quarters of the recent past – when inves- tors streamline their efforts to finalize deals before the start of the new year and sellers opt to take advantage of calendar-year

tax benefits,” added Uranowitz. A veteran of recessionary economic protractions in al- most every decade since the mid-1970s, Uranowitz said that the tri-state region, as a whole, has historically trended with more stability as compared to their major metro counterparts nationwide. “Multifamily is repeating its own history, just as it did in the aftermath of the height of the Great Recession in early 2009 and every other downturn before that,” he said. “This level of endurance is at the very core of Gebroe-Hammer’s long-term success, which is tied to the

sustainability of multifamily product, its ranking as commer- cial real estate’s top-performing investment class and its unique and seemingly endless tenant pipeline.” Since 1975, Gebroe-Hammer’s brokerage activities have con- centrated on all multifamily types including class A, B and C high-rise and garden-apartment properties. While initially focus- ing on New Jersey, the Livings- ton, NJ-based firm has evolved during the past 45 years to also dominate Eastern Pennsylvania andNewYork State submarkets as well as represent client inter- ests nationally. MAREJ

IVINGSTON, NJ — Multifamily continues to fare much better than

its office and retail coun- terpar t s in the current p r o t r a c t e d COVID en- v i r onmen t , with invest- ment sa l es r e m a i n i n g

Ken Uranowitz

steady according to the invest- ment brokerage professionals at Gebroe-Hammer Associates. During September and October, the Livingston, N.J.-based firm has recorded $164M in transac- tions involving over 1,030 units from North Jersey to the South Jersey/Greater Philadelphia Metro. The transactions involved apartment-rental assets across North Jersey’s urban submar- kets of Essex and Passaic coun- ties, Central Jersey’s Mon- mouth County shore region and the Greater Philadelphia Metro submarket of Burlington County, NJ. “Multifamily has rallied and once again is demonstrating its resiliency thanks to extremely strong pre-pandemic funda- mentals,” said Ken Uranow- itz , president, who has been with Gebroe-Hammer since its inception 45 years ago. “As could be expected, there was a slight pause in the spring as the virus rapidly swept through the Northeast in its earliest days,” he added. “How- ever, a vast delta persists be- tween a continued industry un- dersupply and strong demand – not to mention a remain-in- place tenant philosophy and a prevailing investor mantra of ‘people always need a place to live’ – that have kept a signifi- cant majority of deals on track to close and a steady flow of assets coming online, both on market and off market.” According to Reis/Moody’s Analytics, North Jersey’s build- ing-dense apartment stock in particular has fared the COVID recession much better than major metros like New York City, where high rent/small living space has prompted a migration to the suburbs. The full span of the North Jersey corridor boasts an eclectic mix of urban-core and fringe-city submarkets as well as vibrant outer-suburb municipalities. Furthermore, the apartment- housing mix is just as diverse, ranging from pre-1970s-era

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