4B — February 8 - 21, 2019 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

Newark and Elizabeth properties sell for +$32 million Gebroe-Hammer arrangesNorthernNJurban-core apartment sales topping 349 units in December L

family investing conditions are white hot entering Q1 2019. In December, Gebroe- Hammer’s brokerage teams arranged sales involving four properties and 320 units. Ex- ecutive vice president David Jarvis , the firm’s market specialist, was involved in each of the transactions. Ex- ecutive vice president Nicho- las Nicolaou collaborated on two of the trades at 18 Jay St., and 111 Lincoln Ave. in the Brick City. “Market-rate apartments – in terms of investment and performance – are on the

upswing thanks to the focus on Newark’s sustainability as a residential/commercial/ leisure enclave,” said Jarvis. “While mixed-use is defining modern-day developments, low-, mid- and high-rise residential product has been and continues to provide a solid foundation for the fu- ture. Veteran investors are expanding their holdings while those with success in other emerging core cities are now dipping their toes into the Newark submarket.” Market conditions are quite similar in Elizabeth, where executive vice presi- dent Stephen Tragash and Senior vice president Debbie Pomerantz orches- trated a two-property sale of 29 units at 121-127 First St. and 447 Elizabeth Ave. The Gebroe-Hammer team exclu- sively represented the seller GF Construction, LLC and procured the buyer, a private investor, in the transaction. “As New Jersey’s fourth- largest municipality, Eliza- beth has one of the state’s highest renter percentages accounting for a little more than three-fourths of the resi- dential population,” said Tra- gash. “To meet this demand, over 80% of the housing stock is comprised of small apart- ment buildings to larger complexes throughout 26 very unique neighborhoods.” Ranked among the na- tion’s top multi-family firms for 2018, Gebroe-Hammer serves a client roster that includes private owners and family offices, REITs, pri- vate equity funds and other institutional investors. In addition to suburban and urban apartment buildings, the firm markets mixed-use and free-standing office and retail properties. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multi-family types including class A, B and C high-rise and garden-apartment prop- erties. While initially focus- ing on New Jersey, the firm has evolved during the past 43 years to also dominate the northeastern Pennsylvania and New York State sub- markets as well as represent client interests nationally. Widely recognized for its con- sistent sales performance, the firm is a 14-time CoStar Power Broker. 

IVINGSTON, NJ — Multi-family invest- ment sales in North- ern New Jersey’s urban-core centers reached a 349-unit high in December in a flurry of transactions arranged by the brokerage profes- sionals at Gebroe-Hammer Associates. The investment sales spanned Newark and Elizabeth, both of which have exhibited enduring demand and are attracting renewed interest associated with local revitalization initiatives. FromWeequahic to Univer- sity Heights, Newark’s multi-

111 Lincoln Ave., Newark, NJ

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