Real Estate Journal — New Jersey — September 11 - 24, 2015 — 9B
M id A tlantic
N orthern N ew J ersey Four-building portfolio sale leads latest transactions totaling 141 units Gebroe-Hammer reports Jersey City’s enduring gentrification is sustaining multi-family investing J ERSEY CITY, NJ — Jersey City, which often draws a close compari- s o n t o Edwardian architecture. Located at 516-529 Central Ave., the five-story building storefront businesses serving the Heights and neighboring communities. sale of 37-39 Bleecker St., and 37 Paterson St., comprised of 11 units and 4 units/4 garages, respectively.
features 27 apa r tmen t units and 4 ground-floor commercial units. Bor- dered to the east by Pali- sade and Og- den avenues,
“Gentrification has ex- tended inland to Jersey City Heights due to two factors – its affordability and range of transportation options,” added Nicolaou. The light rail elevator at Congress Street connects to the 9th Street/ Congress Street Station along the Hudson-Bergen Light Rail. Midtown Manhattan is minutes away via bus, train and ferry service. Nicolaou also orchestrated the $1.55 million, two-building
New Yo r k City’s most p o p u l o u s borough, is expe r i enc - ing yet an- other wave of multi-family investment
Gebroe-Hammer is one of the most active multi-family investment sales brokerage firms within the New Jersey/ Philadelphia/New York State corridor. The firm’s brokerage activities concentrate on sub- urban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. n
Nicholas Nicolaou Eli Herskowitz
the neighborhood offers sce- nic views of the Manhattan skyline. Central Ave. is a three-quarter mile long main street with more than 240
demand associated with its Hudson waterfront location and proximity to Manhattan, according to the brokerage professionals at Gebroe- Hammer Associates . De- velopment is moving inland, tenants are migrating from New York City in search of a similar yet less expensive lifestyle and property appre- ciation is up approximately 7% in the past 12 months. “Jersey City is right behind Brooklyn in terms of gentrifi- cation and its impact on the tenant demographic and ac- celerating property values and asking rents,” said Nicholas Nicolaou , senior vice presi- dent and the firm’s Hudson County market specialist. “The market and its existing multi-family housing stock have proven they can with- stand virtually anything the economy or housing market might throw at it.” Existing apartment build- ings are ripe for repositioning, said Nicolaou, who recently arranged a four-building port- folio sale involving a total of 64 units throughout Jersey City. He represented the seller and procured the buyer of 74-76 Fairview Ave., 100 Duncan Ave., 485-487 Martin Luther King Dr. and 222 Jewett Ave. The total sale price was $7.56 million. “The buyer was attracted to this portfolio because of the unit mix of one to three bedrooms as well as how close the buildings are to one another and major thor- oughfares, which make them highly walkable and tenant friendly,” said Nicolaou. Earlier this month, the bro- kerage team of Nicolaou and Eli Herskowitz , sales associ- ate, also closed the $3.15 mil- lion sale of another 31 units located in the Heights area, predominantly comprised of two- and three-family resi- dential homes and multi- family properties, many of which boast Victorian and
222 Jewett Ave.
A Tradition of Integrity.
A Passion for Perfection.
CLOSED: ONE OF NEW JERSEY’S LARGEST MULTI-FAMILY SALES TO DATE
$113.5 Million Two-Property Sale
Short Hills Village Club — Springfield, NJ 286-unit garden apartment/townhome community
Franklin Manor —Morristown, NJ 140-unit garden apartment community
Seller-Owned for 40+ Years
The Tri-State Region’s dominant brokerage firm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
Gebroe-Hammer Associates 2 West Northfield Road • Livingston, NJ, 07039 Tel: 973.994.4500 • Fax: 973.994.9752 www.gebroehammer.com
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