Real Estate Journal — Northern New Jersey — December 13 - 26, 2019 — 7B
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16 additional units trade in up-and-coming Township of Irvington Gebroe-Hammer Associates arranges $11.6M sale of 76 units in East Orange, NJ E
– and South Harrison Street specifically – has a high con- centration of on-the-books redevelopment projects un- derway that are contributing toward positive property-val- ue appreciation and drawing new investors. In turn, histor- ically stabilized properties are being repositioned to attract today’s 20-to-30-something tenant base of working gradu- ate students, post-bac grads and millennials.” Three miles away, Gebroe- Hammer Associates closed the $1.26M sale of 16 units in the on-the-rise Township of Irvington. Oropeza, along
with Nicolaou, represented the seller, a banking institu- tion, and procured the out- of-state buyer, Billionaires Funding Group LLC. Located at 1 Roosevelt Terrace, the property is at the corner of Grove Street just blocks from Newark’s historic West Ward. Constructed in 1927, the property is comprised of 12 one-bedroom and 4 two- bedroom layouts. “Roosevelt Terrace Apart- ments is in the heart of Ir- vington’s commuter-friendly Grove St./16th Ave. neighbor- hood – an area on the cusp of smart growth that is gain-
ing traction,” said Nicolaou. “Plans for revitalization are in full swing and Irvington is well poised to follow in East Orange and Newark’s foot- steps in terms of its renais- sance.” With a focus on suburban garden-apartment and urban mid- and high-rise properties, Gebroe-Hammer’s geographic areas of concentration are centered in New Jersey and extend to southeast Pennsyl- vania and southern New York State. The firm is widely rec- ognized for its consistent sales performance and is a 15-time CoStar Power Broker.
AST ORANGE, NJ — Within New Jersey’s East Essex cluster of urban municipalities primed for smart-growth and revital- ization, Gebroe-Hammer Associates has arranged two separate apartment-property sales spanning the cities of East Orange and Irvington. Executive managing director DavidOropeza was involved in both transactions while the latter also included ex- ecutive vice president Niko Nicolaou as a member of the brokerage team. In East Orange, known as the “Crossroads of New Jersey,” Oropeza represented the seller, Milrose 243 Har- rison LLC, and procured the buyer, a private investor, in the $11.6M trade of 76 units at 243 South Harrison St. The single 10-story building features all one-bedroom/one- bath layouts with vaulted ceil- ings. Built in 1962, the hi-rise underwent extensive renova- tions prior to sale that in- cluded new hardwood flooring throughout, updated kitchens with granite countertops and baths, and renovated com- munity spaces, elevators and building systems. Centrally located at the crossroads of I-280 and the Garden State Parkway, 243 South Harrison St. is one block from NJ Transit’s Brick Church Station of- fering 20-minute Midtown Direct train service. It also is just five and 20 minutes away from employment hubs in Downtown Newark and Jersey City, respectively. “243 South Harrison Street Apartments is a prominent landmark along this impor- tant redevelopment and com- mercial corridor anchored by Brick Church Station,” said Oropeza. “The neighborhood Paramount Assets faci l itates lease with Teriyaki Madness inNewark NEWARK, NJ — Fast-ca- sual restaurant chain Teriyaki Madness recently celebrated the grand opening of its first New Jersey location at Para- mount Assets' 137 Halsey St. in Newark. Samir Guzman , Paramount’s executive direc- tor of leasing and marketing arranged the 2,000 s/f; Marta Villa of JLL represented the tenant.
243 South Harrison St.
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