10D — May 11 - 24, 2018 — NJAA Conference & Expo — M id A tlantic

Real Estate Journal


2018 NJAA C onference & E xpo

Revival sparks new per-unit price of $257,000+ in East Orange Gebroe-Hammer Associates sells 245 units for $31.7million along East Orange/Newark Corridor E

Velsor Pl., and 103 Chancel- lor Ave., both in Newark, as well as the sale of 110 Halsted St., in East Orange, which garnered a $201,785 per-unit- price. Senior Vice President Debbie Pomerantz procured the buyer in the sale of the Park Avenue and Newark properties, which occupy one city block along Chancellor Ave., between Van Velsor and Parkview Terrace. “East Orange and Newark are garnering a lot of atten- tion lately for their urban- renewal initiatives, at the core of which is each city’s

multi-family housing stock – both existing and newly developed,” said Oropeza. “These revitalization efforts didn’t just happen overnight. They have been fed by a wide range of factors, including visionary multi-family inves- tors who aggressively pursued value-add and development opportunities over the course of many years that are now coming to fruition.” Such is the case in East Orange where local officials, private developers and es- tablished property owners have been collaborating to transform once-blighted prop- erties. The newly constructed 742 Park Ave., is a three-story 26-unit building comprised of studio, one- and two-bedroom units, all of which exceed the submarket average in terms of square footage. Built in 2017, each apartment home includes an array of luxu- ry appointments, including stainless-steel appliances, quartz countertops and in- unit washers and dryers. There are hardwood floors in living spaces and tile flooring in the kitchens and baths as well as on-premises parking. Newly constructed as well, 110 Halsted St. is a 28-unit luxury high rise recently sold for $5.65 million. The property is one of two three- story buildings along Halsted Street delivered to market in the past year. Known for its transit-rich locale, East Orange is a des- ignated transit village with an extensive bus and rail net- work. These include the Park Avenue at Park Street as well as Halsted Street at Harvard Street and Halsted Street at Halsted Place stops within steps of the Park Avenue and Halsted Street properties, respectively. Both are served by the nearby Brick Church Station’s Gladstone and Mor- ris/Essex Lines offering Mid- town-Direct commuter-rail service to New York City. Oropeza exclusively repre- sented the Park Avenue and Halsted property sellers, 742 Park Avenue West Urban Renewal LLC, and ABS9 110 Halsted LLC, respectively. In addition, Pomerantz procured the buyer, Nova Appian LLC, for 742 Park Ave., and Oro- peza arranged the acquisition of 110 Halsted St. for Saket Properties & Management LLC. n

astOrange/New- ark, NJ — The dy- namic revival at the Crossroads of New Jersey – where East Orange and Newark converge – is en- ergizing multi-family in- vestment velocity and sales benchmarks throughout these two cities where Ge- broe-Hammer Associates recently arranged three sep- arate sales totaling $31.7 million for four buildings and 245 units. David Oropeza , executive managing director, spearheaded the sales, which involved the trade of 26 units

742 Park Ave. in East Orange

at 742 Park Ave., in East Orange and a new $257,692 per-unit-price benchmark for the municipality.

In addition to the Park Avenue property, Oropeza exclusively represented the seller in the trades of 25 Van

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