N ew J ersey 4B — October 22 - November 18, 2021 — New Jersey — M id A tlantic Real Estate Journal
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35-unit signature class A Bergen County, NJ property 100% fully leased in 90 days Newly constructed 480 Flatz Apts. sells for $11.6M in transaction orchestrated by Gebroe-Hammer
AST RUTHERFORD, NJ — Gebroe-Ham- mer Associates has arranged the $11.6M sale of a 35-unit, signature class A apartment-home property lo- cated at 480 Paterson Ave., in East Rutherford. Built in 2021 and fully leased within 90 days, 480 Flatz is located at the Pat- erson Avenue/Hoboken Avenue Business District crossroads in the municipality’s popular Borough Center neighborhood. Gebroe-Hammer’s president Ken Uranowitz and Senior vice president Debbie Pomer- antz exclusively represented E
the developer, East Rutherford Builders, LLC, a joint venture of Diversified Properties, LLC and North Jersey Builders, LLC, in the trade. The buyer is a private unnamed investor, a long-time client of the firm. “Thanks to Ken and Debbie’s expertise and their highest lev- els of professionalism, Gebroe- Hammer Associates was able to streamline this deal and bring it over the finish line,” said Nicholas Minoia , founder and managing principal of Diversified Properties , who noted 480 Flatz aligns with the company’s strategy to pursue
value-creation opportunities that revitalize and deliver high-quality multifamily prod- uct. Since its inception in 2000, Diversified Properties has developed real estate valued at more than $1.5 billion and boasts a portfolio valued in ex- cess of $500 million. The com- pany is committed to capitaliz- ing on opportunistic ground-up development and redevelop- ment projects in key growth markets. Diversified Proper- ties’ latest projects include multifamily developments in Morristown and Union, as well
as New Windsor and New- burgh, NY. “Ken and I have ‘come up through the ranks’ in the in- dustry, collaborating with one another for almost four decades on a wide range of dispositions and acquisitions,” said Minoia. “I look forward to many years- to-come of working with him and the entire team at Gebroe- Hammer Associates.” Situated in Lower Bergen County, East Rutherford is home to the three-venue Meadowlands Complex and American Dream Mall. The municipality is located about seven miles west of Midtown Manhattan. “As East Rutherford’s newest and most visible apartment- community asset, 480 Flatz is an important anchor for the borough’s thriving busi- ness district,” said Pomerantz. “From world-class shopping, premier cultural centers, out- door recreation and entertain- ment venues to transit and highway connectivity, 480 Flatz presented a rare-to-mar- ket multifamily investment op- portunity in the high-barrier- to-entry Bergen County.” Comprised of 35 total units (29 market rate and 6 af- fordable), the four-story mid- rise features seven different open-concept floorplan options. These range from studios to 3 bedroom / 2 bath layouts of 637 s/f to 1,117 s/f. “Thanks to its central loca- tion in the heart of Southwest Bergen County and status as an inner-ring borough of NYC, East Rutherford has emerged as a vibrant residential munici- pality,” said Uranowitz. “The borough offers its residents a balance of metropolitan luxu- ries and suburban tranquility – both of which are reflected in 480 Flatz’s lifestyle offerings.” Despite its small size, East Rutherford has a high concen- tration of residents who rely on the bus and train to get to work. NJ Transit provides bus service to and from Midtown Manhattan as well as service to Newark. Nearby NJ Transit rail service also is available at East Rutherford, Meadowlands and Wood-Ridge stations. For those who rely on high- way access via private vehicle or commuter bus to get to work or points of interest, East Rutherford has more than 30.53 miles of roadways. These include NJ Rtes. 17 and 120 as well as U.S. Rte. 46. MAREJ
480 Paterson Ave.
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