14A — August 31 - September 13, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelOpers & M anagers In Northern New Jersey Gebroe-Hammeraverages two investment sales per week L IVINGSTON, NJ — As multi-family vacancies and interest rates con-
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tinue to record historic lows, property owners have the mo- tivation to sell and buyers have the means to enhance their portfolios, according to Gebroe- Hammer Associates. Year-to- date, the Livingston based investment brokerage firm has been consistently closing an average of two transactions per week, the latest of which in- volve four separate deals closed within a two-week timeframe. The transactions totaled 112 units throughout Essex, Union and Passaic counties and net- ted a combined $7.25 million. In the largest sale, sales associate Nicholas Nicolaou exclusively represented the owner and identified the buyer in the $3.05 million trade of 97-99 Pine St. located in Mont- clair. The 28-unit two-build- ing complex is comprised of a mix of one- and two-bedroom layouts. “True to its roots as a ‘rail- road suburb,’ which dates back to the 1870s when settlers sought easy access to NewYork City, Montclair remains a popu- lar commuter hub today where multi-family occupancies are in the high 90th percentile, rents are competitive and investors
97-99 Pine St. located in Montclair, NJ
are vying for off-market acqui- sitions,” said Nicolaou. Urbanmarkets also continue to attract multi-family inves- tors, many of whom are target- ing Northern New Jersey cities where apartment buildings are playing an important role in renewal initiatives. Recent transaction highlights include the $1.8 million trade of 23 units, including three commer- cial units, at 150-152 Elmora Ave., in Elizabeth and a short- sale of 27 units for $600,000 at 42-52 Essex St., in Paterson, arranged by sales associates Stephen Tragash and Debbie Pomerantz, respectively. Ex- ecutive vice president David
Oropeza also facilitated the $1.8 million sale of a 39-unit building in a quiet East Orange residential neighborhood, near shopping and transportation. “North Jersey’s cities have a high density of post-war era apartment buildings, which are fully occupied and in-demand among each city’s working- class tenant base, as well as investors who recognize the long-term potential of these performing properties,” said Tragash, who specializes in the Elizabeth market. “Multi- family properties are a healthy investment choice right now and investors are just eating them up.” n
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