Real Estate Journal — New Jersey — November 14 - 27, 2014 — 13B —
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Hackensack, Teaneck and Edgewater Properties Gebroe-HammerarrangesBergen County trades totaling 75 units L
IVINGSTON, NJ — In the high-barrier-to- entry multi-family in- vestment market of Bergen County, Gebroe-Hammer Associates has arranged two separate trades involving three garden-apartment-style buildings totaling 75 units. The transactions were orches- trated by Greg Pine , senior VP, and Debbie Pomerantz , assistant VP, and garnered a total of $11.09 million. The largest trade involved the $5.8 million sale of 41 units at Linden Chateau, located at 61 Linden St., in Hackensack. “Just like its diverse mix of neighborhoods and land uses, Hackensack’s multi-family stock runs the full spectrum, from class A luxury high-rises to class B and C post-war-era properties that have been continually renovated or are being repositioned,” said Pine, who noted average rents for the area are $1,158 for a one- bedroom unit. “These factors define Hackensack’s character as well as its tenant base that spans Fortune 500 executives to hard-working families.” The Pine/Pomerantz team also represented the Linden Chateau seller in the $3.6 mil- lion trade of 171-183 Fort Lee Rd., in Teaneck. The 24-unit garden-apartment complex includes four two-story build- ings comprised of eight one- bedroom and 16 two-bedroom units. According to Pine, the new owner plans to render the property more competitive in Bergen County’s thriving rental market, where occu- pancy rates exceed 96%. Less than 10 days before closing on the Hackensack and Teaneck deals, Pomerantz also finalized the $1.69 million sale of 10 units at 44 Dempsey Ave. in Edgewater. Convenient to shopping, schools and public transportation, five one-bed- room and five two-bedroom units make up the single two- story building at the corner of Dempsey and Undercliff avenues. “The allure of Bergen Coun- ty has always been its pre- mium location with direct access to New York City,” said Pomerantz. “Investors will continue to compete ag- gressively for virtually any property that comes to market in this county, which is finally seeing development along its Hudson River waterfront.” n
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Dominance: “...most in uential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
RECORD First Half 2014 67 Closings!! Just under 3 deals PER WEEK
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