4B — May 24 - June 13, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
O wners , D evelopers & M anagers
Centers of trading activity include Elizabeth and The Oranges NorthJersey’s latest urbanmulti-family sales total over 226 units and $36.85+M for Gebroe-Hammer E
emerging submarkets in- volved a newly constructed mid-rise in Elizabeth that garnered more than $256,000 per unit. The $10.25 million trade of 40 fully occupied units at 737-745 North Broad St. has been arranged by ex- ecutive vice president Greg Pine and senior vice presi- dent Stephen Tragash. Thanks to its sleek all- white façade, the building has tremendous curb appeal and offers a mix of market- unique one and two-bedroom open-floorplan layouts. Each includes the latest amenity
and design appointments, in- cluding an in-unit washer and dryer, hardwood flooring and kitchens with stainless-steel appliances, granite counter- tops and ceramic floors. Situ- ated at the corner of North Broad Street and Clinton Place, the building also of- fers convenient ground-level covered parking. It is less than half a mile from North Elizabeth Train Station’s NJ Transit service to Mid- town Manhattan and points throughout New Jersey along the North Jersey Coastline and Northeast Corridor lines.
“Elizabeth continues its ascent and investors con- tinue to take notice – it is a city on the rise, mirroring a similar transformation that has yielded sweeping build- ing-landscape changes and population-demographic di- versification in nearby Hud- son and Essex County,” said Tragash, the firm’s Eliza- beth market specialist. “And like its urban-core coun- terparts, Elizabeth checks off all the boxes for today’s upper-income professionals and empty nesters seeking a walkable apartment-rental lifestyle near mass transit connectivity and limitless lifestyle amenities.” In addition to the sale of the North Broad Street building, Tragash recently arranged two other Eliza- beth multi-family invest- ment transactions. These included a North Elizabeth property sale as well as the trade of a three-story Tudor- style building with 27 units at 250 W. Jersey Ave.. In the nearby “Oranges” of Essex County, Gebroe- Hammer’s executive manag- ing director David Oropeza matched the firm’s Elizabeth sales activity with $15.75 million in sales involving 123 apartment-rental units. These latest transactions involved 43 units at 41 Main St., in Orange sold for $4.525 million as well as 28 units at 100 Chestnut St. ($3.5M); 16 units at 492 Park Ave. ($2.2M); and 12 units at 78 Harrison St. ($2.025M), all in East Orange. And just beyond the East Orange city limits in Irvington, Tragash orchestrated the trade of 15 units at 153-163 Elmwood Ave., for $1.7 million, which translates into a price-per- unit of $113,333. Rounding out Gebroe- Hammer’s Essex and Union County sales activity dur- ing this same 12-week timeframe were two ad- ditional sales in Belleville and Plainfield. The former encompassed 24 units at Stephens Street Apartments ($3.773M) in a trade ar- ranged by executive vice president Nicholas Nicolaou and senior vice president Adam Zweibel and the lat- ter involved a transaction arranged by Zweibel for 16 units at 346-350 Franklin Pl. ($1.555M).
S S E X / U N I O N COUNTY, NJ — Ur- ban multi-family in- vestment and a seemingly endless tenant pipeline re- main a powerful catalyst for emerging apartment-rental submarkets throughout Es- sex and Union counties, ac- cording to the investment brokerage professionals at Gebroe-Hammer Associ- ates . During the past 12 weeks, the firm has arranged 11 urban-core sales total- ing more than $36.85M and over 226 units spanning Elizabeth, East Orange and
737 North Broad St.
Orange. The largest transaction re- corded by Gebroe-Hammer’s market specialists in these
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