6B — December 9 - 22, 2016 — Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey
Nicholas Nicolaou and Adam Zweibel of Gebroe Hammer represented both parties SELA Realty acquires 42 Park Ave. in Bloomfield, NJ for $3.05 million B units in the basement for the residents, add bicycle room and more”
acquisition there; the build- ing is well located in a very nice and residential street, has been properly maintained and there are lots of rooms to improve the income. We are planning to upgrade units on turnovers, build storage SHORT HILLS, NJ — NAIOP New Jersey recently honored nine members for their outstanding leadership, advocacy and career accom- plishments at the Chapter’s Annual President’s Awards
LOOMFIELD, NJ — SELA Realty Invest- ment s, the real estate investment and manage- ment company located in Fort Lee, NJ, announced its recent acquisition of 42 Park Ave., a 22 Unit building in Bloomfield, NJ. The purchase price of $3,050,000 represents roughly 6% going in cap rate. The building which enjoys a very strong occupancy rates had recently been renovated and updated. Tal Steinberg , manag- ing partner for SELA said, “We are happy to set foot in Essex County. It’s our first
Nicholas Nicolaou and Adam Zweibel of Gebroe Hammer represented both the seller and buyer in the transaction. n
NAIOP NJ honors leaders at 2016 Pres- ident’s Awards & Hall of Fame Dinner
and Hall of Fame Dinner. The 2016 nominees to the commer- cial real estate development association’s Hall of Fame were also inducted during the event, which was held at the Short Hills Hilton. “Tonight’s honorees have made countless contributions to our association and to our industry,” NAIOP NJ CEO Michael McGuinness told the more than 300 attendees. “We celebrate their volun- teerism, which is the backbone of this organization, their tire- less advocacy on public policy issues and the vital role they play in shaping the commer- cial real estate industry.” • The late Joseph Mc- Namara of NJ LECET was honored posthumously with the NAIOPNew Jersey Legacy Award for his service to the in- dustry and long-time advocacy for chapter issues. • The Pillar Award went to Kim Brennan of Colliers International and Bill Han- son of NAI James E. Hanson in recognition of the example they set in active member- ship, leadership, advocacy and sponsorship. • Terrance Huettl of Whi- tesell Construction received the Advocacy Award, honoring his work on the chapter’s key public policy issues. •The Volunteer of the Year Award was presented to Jeff Greif of First American Title . • Kelsey Nakamura of Cushman & Wakefield re- ceived the Rising Star Award. • The Frank D. Visceglia Memorial Scholarship recipi- ents were Dhanush Suresh- babu, a Patriot’s Path Scout and member of Troop #50 in Randolph; and Victoria Ieradi, a member of Girl Scout Troop #22231 in Mt. Laurel. • Three industry legends were inducted into the NAIOP New Jersey Hall of Fame in 2016: Charles Klatskin of Forsgate Industrial Part- ners , Seena Stein of New- mark Grubb Knight Frank and Allen Magrini of Hartz Mountain Industries . n
42 Park Ave.
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