Real Estate Journal — NJAA CONFERENCE & EXPO — May 15 - 28, 2015 — 19C


M id A tlantic

2015 NJAA C onference & E xpo

ERGEN COUNTY, NJ — Bergen County, NJ is among the most Existing properties to benefit from new construction starts countywide Gebroe-Hammer Associates arranges three trades in Lodi, Englewood & Edgewater, NJ B $84,000, respectively, accord- ing to Pomerantz.

ed the seller and the buyer in the trade of 11 units, also sold for $1.725 million, at 980 River Rd., in Edge- water. B e r g e n

“The introduction of new class-A luxury apartments and mixed-use redevelopment at the Hudson Lights project in Fort Lee is already having a positive rippling effect on apartment units and asking rents across the board,” she said. “The ever-growing ten- ant pool of Baby Boomers and millennial professionals – who favor rentals over homeowner- ship – and families countywide are adding to demand advanc- ing toward unprecedented levels.” n

aggressively pr i ced and highest-bar- rier-to-entry multi-family investment markets in the region, according to the broker-

County is an e x t r e m e l y d e s i r a b l e multi-family investment market due to its high cost of liv-

Greg Pine

Debbie Pomerantz

age professionals at Gebroe- Hammer Associates . In a recent two-week timeframe, the Livingston-based broker- age firm arranged three sepa- rate apartment building sales in the county, which accounts for approximately 10% of New Jersey’s overall population. “Bergen County is a unique multi-family investment mar- ket. Even though it is one of the wealthiest counties in the United States, it lacks its own major city,” said Greg Pine , executive vice president. “However, its direct connection to Manhattan, via the George Washington Bridge, and its ro- bust and growing demographic render Bergen County a ‘sub- urban extension’ of Manhattan favored by an affluent tenant base and eager investors.” The brokerage team of Pine and Debbie Pomerantz , vice president, represented the seller, 221 Union Street LLC, and identified the buyer, an unnamed private investor, in the $2.075 million trade of 14 units at Carolynn Terrace Apartments in Lodi. Located at 221-227 Union St., near Route 4 and the Garden State Parkway, the two-building garden-apartment commu- nity includes 10 one- and 4 two-bedroom units that have recently been renovated. The Pine/Pomerantz team also arranged the $1.725 mil- lion sale of a 21-unit/one-house package at 197 Lafayette Ave. and 228 Third St., respectively, in Englewood. Gebroe-Ham- mer represented the seller, 197 LLC, and procured the buyer, 197 Lafayette LLC. The three-story building features studio and one-, two- and three-bedroom layouts. “This particular property and its diverse unit mix rep- resent a value-add opportunity for the new buyer thanks to its strategic location near shop- ping, schools and mass tran- sit,” said Pomerantz, the firm’s Bergen/Passaic County market specialist. She also represent-

ing and median household income, estimated to be ap- proximately 54 percent higher than the rest of the nation and

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