N ew J ersey

23A — May 11 - 24, 2012 — New Jersey — Mid Atlantic Real Estate Journal


IVINGSTON, NJ — Boosted by an excellent transportation network Trades demonstrate consistently strong demand for existing product Gebroe-Hammer completes four Essex County multi-family transactions totaling $26.22 million L existing class-B and class-C product.”

$9.5 million. The 29, 33 and 56 South Munn Ave. and 7 Chestnut St. buildings are comprised of a total of 199 apartments. Featuring bal- conies and a mix of outdoor and garage parking, 56 South Munn Ave. is an eight-story building with two elevators. The remaining properties are four-story, single-elevator buildings, with the Chestnut Street property also offering garage spaces. “East Orange lies at the crossroads of major transpor- tation arteries, including the Garden State Parkway and Route 280,” noted Oropeza. “The city is less than eight miles from Newark Liberty International Airport and of- fers direct rail and bus links to Manhattan. It’s a true live/ work hub, which reinforces on-going market demand for multi-family properties in all class categories, particularly

The team of Oropeza and Uranowitz also completed a $1.9 million note sale for two buildings on Chancellor Ave. in Newark. The five-story ele- vator buildings contain 36 and 37 apartments, respectively. Located near a city park, retail and public transportation are within walking distance. “The rise of the ‘renter na- tion’ phenomenon, whereby consumers continue to favor renting instead of homeown- ership, is reinforcing solid occupancy rates in the high 90th percentile range,” said Brecher. Rounding out Gebroe-Ham- mer’s Essex County transac- tions is the $620,000 sale of 25 units at 293-299 Schley St. in Newark orchestrated by David Jarvis, executive vice presi- dent and the firm’s inner-city market specialist. n

and easy proximity to New York City, Essex County re- corded a wave of multi-family sales within a recent three- week timeframe, according to Gebroe-Hammer Associates. The real estate investment brokerage firm arranged four transactions, involving a total of 533 units sold for a com- bined $26.22 million, in 21 days. “Thanks to Essex County’s unique positioning in the New York-metro commuter corri- dor, this Northern New Jersey market consistently demon- strates strong multi-family performance at competitive trading prices, making it ex- tremely appealing to portfolio and single-property investors alike,” said Ken Uranowitz, managing director. The largest transaction,

133 Cleveland St.

arranged by executive vice presidents Joseph Brecher and David Oropeza, involved the $14.2 million sale of five multi-family buildings in Or- ange. Located at 133 and 147 Cleveland St. and 385, 394 and 431 Park Ave., the three-story elevator buildings contain a total of 236 apart- ments offering a mix of studio,

one- , two- and three-bedroom layouts. According to Gebroe- Hammer, average rents for the area range fromapproximately $650 for a studio to $1,500 for three-bedrooms. Representing a private glob- al investment fund, Oropeza and Brecher also transacted the sale of a portfolio of four East Orange buildings for

Heller Urban Renewal begins wrecking ball process for Harrison Station: Mixed-use transit-oriented redevelopment

HARRISON, NJ — Heller Urban Renewal, the redevel- opment arm of Heller Indus-

trial Parks has begun the wreck- ing ball pro- cess for the development of Harrison Stat i on , a mixed-use, transit-ori-

Jeffrey Milanaik

ented redevelopment project. In December, Heller received unanimous approval from the Harrison Redevelopment Agency to move forward with the total of 747 luxury rental units for the project. “Things are moving along right according to plan and we are so excited to be mak- ing progress on this vital project for Harrison,” said Jeffrey Milanaik, president, Heller Industrial Parks, Inc. “Over the next year, the Heller team will work dili- gently to properly demolish the 750,000 s/f of blighted

Demolition of former Hartz Mountain industrial site

Harrison Station

industrial building at the site to make sure we set the proper foundation for Har- rison Station.” The 10.5-acre site is di- rectly adjacent to the PATH station at 700 Frank E. Rodg- ers Boulevard. Heller expects to complete initial engineer- ing work and file for formal site plan approval with the

township planning board in the spring. The first phase of vertical construction is expected to begin in 2013. Designed by NKArchitects in collaboration with Heller, Harrison Station will be comprised of six residential mid-rise towers that will ad- here to the tenets of sustain- able design, offering a mix of

one- and two-bedroom luxury residences and approximate- ly 30,000 s/f of ground-floor retail. Future residents will have access to numerous life- style-enhancing amenities, including a glass-enclosed gym and meeting/conference rooms. Harrison Station will also provide direct sheltered ac-

cess to the adjacent PATH station. The Port Authority recently announced that the station will soon undergo a $275 million renovation to improve service and upgrade its facilities. The site is also close to major roadways in- cluding Rte. 280 and is in walking distance to the Red Bull Arena soccer stadium. n

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