N ew J ersey 6B — January 21 - February 17, 2022 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
Broadway Towers offers central location, transit & highway connectivity Gebroe-Hammer’s Pomerantz orchestrates $22.75M sale of 118-unit Paterson, NJ hi-rise
ATERSON, NJ — In Paterson, which con- tinues to evolve from its industrial roots into a dynam- ic urban-core municipality, Gebroe-Hammer Associates Senior Vice President Debbie Pomerantz has arranged the $22.75M sale of a 118-unit multifamily hi-rise in the East- side Park Historic District. The Northeast New Jersey market specialist exclusively represented the seller, 599 Broadway Management LLC, and procured the buyer, 599 BWY LLC, in the transaction. Located at 595-609 Broad- P
way at the corner of E. 27th Street, the nine-story tower is a residential anchor within this high-population-density corridor. A mid-century vin- tage building that has been continually updated, Broadway Towers is comprised of a mix of one- and two-bedroom open- concept floorplans featuring spacious closets and private patios/balconies. On-premises amenities include laundry facilities, elevators, on-site parking and controlled access. “Paterson is following in the revitalization footsteps of its sis- ter cities of Newark and Jersey
City, which are serving as na- tional models for successful ur- ban renewal,” said Pomerantz. “As an urban infill locale with an abundance of retail corridors and commercial and industrial parks, Paterson’s renaissance is rooted in a unique modern identity that reflects its diverse constituent neighborhoods and rich history.” Thanks to its commuter- friendly location approximate- ly 20miles fromMidtownMan- hattan, Broadway Towers also offers convenient connectivity to several urban counterparts as well as the entire East Es- sex / Northern NJ Region. Centrally positioned within the very-walkable Eastside neighborhood, Broadway Tow- ers offers excellent local, re- gional and interstate transit and highway connectivity. Commuter options include front-door NJ Transit bus service along Broadway on Routes 171 and 770 as well as the Route 4 Jitney. NJ Tran- sit’s Paterson Station and rail service along the Main/Bergen County and Port Jervis Lines is 1 mile away. The area also is served by I-80; U.S. Route 46 and 202; and NJ Routes 19, 20, 23 and 208. “With an apartment-dom- inated housing stock where about three-quarters of the residential real estate is renter occupied, Paterson’s workforce-housing tenant pipeline is historically sus- tained by an employee base of professional, manufactur- ing and laborer positions,” said Pomerantz. “Compara- tively, Paterson’s rental- living options – ranging from duplexes, homes converted to apartments and small apartment buildings to iconic high-rises like Broadway Gardens – are as diverse as its residential base.” As a larger medium-sized city, Paterson is the county seat of Passaic County, N.J. With a population of 147,000 people and 33 constituent neighborhoods, Paterson is the third largest community and third most-populous city in New Jersey. Known as the Silk City for its dominant role in silk production during the lat- ter half of the 19th Century, manufacturers harnessed the water from the Great Falls to power factories producing textiles, railroad locomotives, paper and firearms. MAREJ
Broadway Towers
MultifaMily firM of ChoiCe
The dominant apartment- focused investment sales brokerage leader in NJ/ Eastern PA/NY State. Representing Private Equity Funds, Institutional Investors and REITs as well as generations of Private Individuals and Family Offices. Additional focus on marketing mixed-use and free-standing office and retail properties.
2 W NORTHFIELD ROAD LIVINGSTON, NJ 07039 (973) 994 - 4500 WWW.GEBROEHAMMER.COM
Integrity • Leadership • Expertise • Trust
Made with FlippingBook Annual report maker