Real Estate Journal — New Jersey — December 8 - 21, 2017 — 3B
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150 units trade for combined $18.35 million Gebroe-Hammer Associates’ latest sales span NJ’s East and West Essex submarkets E Newark market specialist.
Rounding out the firm’s East Essex sales is the trade of 75 Martin Luther King Blvd., in Newark, also orchestrated by Jarvis. Within a one-mile radi- us of the four-story property is Riverfront Stadium, Washing- ton Park and the Atlantic, Or- ange and Norfolk Street transit stops. Newark Broad Street Station is 1.4 miles away. “This neighborhood attracted the buyer due to its unique location in the city’s quiet, historic Little Italy neighborhood near medi- cal facilities, a 360-acre park and institutions for higher edu- cation,” added Jarvis, the firm’s
ssex County, NJ — Within Essex County, Gebroe-Hammer Asso- ciates recently arranged four separate transactions totaling 150 units sold for a combined $18.35 million. The properties, which range from small-to-mid- sized urban low-rises to subur- ban garden-style complexes, were located throughout the East and West Essex submar- kets where the average asking rent is $1,490. “Essex County ranks third overall in the North Jersey metro – behind Hudson and Bergen Counties – in terms of its concentration of specula- tive apartment space, which continues to be in high inves- tor demand yet short supply of for-sale product,” said David Oropeza , Gebroe-Hammer’s managing director. “Broken into two separate submarkets, East Essex encompasses East Orange, Irvington and Newark and is larger while West Essex is smaller and more suburban with municipalities such as Livingston, the Caldwells and Fairfield.” In East Orange, Oropeza recently closed the sale of Hill- crest Court, a 45-unit building at 268 Prospect St. Built in 1960 and continually updated, the three-story property is located less than a mile from the Brick Church and Wat- sessing Rail Stations. “In the multi-family sector, buyers have returned to the ‘location, location, location’ investment mantra as long as properties are accompanied by ‘transit, transit, transit’ and solid walk scores,” said the 31-year multi- family brokerage veteran who is Gebroe-Hammer’s East Or- ange market specialist. To the south, just down Route 19, the Gebroe-Hammer team of executive vice president David Jarvis and senior vice president Stephen Tragash represented the seller and pro- cured the buyer in the sale of 20 units at 65 Headley Terrace in Irvington. “Irvington is poised for a renaissance much like its East Orange and Newark counterparts – a strategic lo- cation being the city’s greatest strength,” said Jarvis. In recent years, city officials have been collaborating with private developers to draw up plans that give the city’s streetscape and building stock a makeover. Discussions have focused on Nye and Springfield Avenues, as well as Irvington
capital improvements,” said Nicolaou. “Over the next five years, New Jersey is expected to be- come home to even more young adults and empty nesters seek- ing apartment-style living,” he added. “For long-time owners, it’s a good time to consider a property disposition. Demand for existing class-B properties throughout the entire Northern New Jersey metro is reaching new benchmarks as the ‘gap’ between inner city complexes and outlying suburbs is clos- ing thanks to the surge in infill locales.” n
Rounding out Gebroe-Ham- mer’s recent sales activity is the trade of 76 units in the neigh- boring West Essex submarket. The brokerage team of presi- dent Ken Uranowitz , manag- ing director Joseph Brecher and senior vice president Nich- olas Nicolaou represented the seller and procured the buyer in the sale of a 1960s-era garden- style complex, which offered tremendous upside. “This well- located complex attracted the buyer because of its value-add potential, which is achievable through exterior and interior
Bus Terminal, one of the state’s busiest transit stations. Side- walk and pedestrian walkway expansions, lighting improve- ments and landscaping updates are all being explored. Hillcrest Court
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