Mid Atlantic Real Estate Journal — Brokerage Directory — July 25 - August 14, 2014 — 5C
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B rokerage D irectory
Latest transactions reflect unwavering investor demand for multi-family properties Gebroe-Hammer Associates arranges four trades in Northern/Central New Jersey L and tunnels to NYC. Road, the three storefronts house a tax preparation com- pany, pizzeria and physical therapy practice.
IVINGSTON, NJ — As multi-family offerings continue to generate considerable investor interest across New Jersey, Gebroe- Hammer Associates has ar- ranged three separate trades throughout the state’s north- ern and central locales. The transactions involved multi- family properties in Newark, Irvington and Carteret as well as a three-unit retail center in Union. “This region’s industrial market, especially the port sector, has generated con- siderable employment mo- mentum, and that in turn is increasing investor interest in multi-family properties and a tenant pool/consumer base comprised of hard-working in- dividuals and heads of house- hold,” said Ken Uranowitz, president. “Each of these prop- erties is just a few miles from the port facilities of Newark and Elizabeth, where worker demand is considerable.” In Newark, executive vice president David Jarvis rep- resented the seller and iden- tified the buyer in the $1.215 million sale of 18 units at 158-160 Second Ave. The four-story brick façade apart- ment building is comprised of six one-bedroom and 12 two-bedroom units close to shopping, schools and the Bloomfield Avenue Light Rail Station. South of the city in Irvington, managing director David Oropeza arranged the sale of six units featuring two- and three-bedroom layouts at 444 Nye Ave., located near downtown, public transpor- tation and the area’s major highways, including the Gar- den State Parkway and I-78. Managing director Joseph Brecher also represented the seller and identified the buyer in the sale of 7-11 Byron St. in Carteret. The 18-unit brick, garden-style complex sold for $1.74 million, which factors out to just under $100,000 per unit. Located in Middle- sex County, the U-shaped, two-and-a-half story building consists of two one-and-a-half room units, four two-and-a- half room units and 12 three- room units. All common areas and apartments were recently renovated, including all-new double-paned windows. The property’s location near the New Jersey Tpke. also pro- vides easy access to the Gar- den State Pkwy. and bridges
“The axiom ‘location, loca- tion, location’ is very appropri- ate here,” said Brecher. “There was widespread interest in this property, especially given its location near Exit 12 of the New Jersey Tpke." The brokerage team of Jar- vis and Vice President Stephen Tragash closed out Gebroe- Hammer’s recent Northern and Central Jersey sales with the trade of three commer- cial units located at 1026- 1030-1036 Stuyvesant Ave., in Union. Situated between Morris Avenue and Vauxhall
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, in- cluding Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, RE- ITS, private equity firms and other institutional investors. n
7-11 Byron St.
DOMINANCE.
Dominance: “...most in uential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
RECORD First Half 2014 67 Closings!! Just under 3 deals PER WEEK
INVESTMENT REAL ESTATE
2 West North eld Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752
Visit us on the web at: www.gebroehammer.com Email: info@gebroehammer.com
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