14B — July 17 - 30, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey 510 units located throughout “The Plainfields” Gebroe-Hammer arranges five multifamily trades
Habitat for Humanity relocates to The Berger Org.’s 58 Park Place
NEWARK, NJ — Habi- tat for Humanity Newark (HFHN) has relocated its headquarters to The Berg- er Organization ’s 58 Park Place in Newark. The afford- able housing non-profit occu- pies 2,000 s/f of fourth-floor office space at the 30,000 s/f colonial-style office property. The transaction was negoti- ated in-house by The Berger Organization. HFHN relocated to 58 Park Place from Berger’s Military Park Building, located at 60 Park Place. The non-profit moved into temporary office space at the Military Park Building in 2014 after a fire destroyed its Van Buren St. headquarters, according to Brendan Berger , vice-pres- ident of The Berger Organiza- tion. Christ ian Benedetto of Hopkins, Sampson & Brown Real Estate Adviso- ry Services brought HFHN to the Berger Organization. “HFHN was displaced, and Christian reached out to us trying to help,” said Berger. “We gave the organization free space for one year at our Military Park Building with no expectations of permanent tenancy, but HFHN liked the area and ultimately made the decision to move its op- eration to 58 Park Place. We are thrilled that HFHN will remain a tenant with us and look forward to continuing our relationship with this won- derful organization for many years to come.” “Working with The Berger Organization has been a fan- tastic experience,” said Jef- frey Farrell, HFHN’s chief executive officer. “They were very generous in providing us free office space, and the year old triplets that were born eight weeks premature and spent over one month in our hospital’s Neonatal In- tensive Care Unit,” said hon- oree Ed Russo. “I recall looking around the NICU and seeing babies who weighed even less than my own. It makes you realize just how important and needed the work of March of Dimes really is.” The Real Estate Award Reception was co-chaired by Robert Martie , Colliers International NJ, LLC and Geoffrey Schubert , senior vice-president of CBRE . Erik Sletteland of Structure
LAINFIELD/NORTH PLAINFIELD, NJ — Central New Jersey’s multi-family trading pace is quickening at the mid-year mark, with five transactions involving a total of 510 units throughout the Plainfields recently arranged by Gebroe- Hammer Associates . Four of the properties were located in Plainfield/Union County with the fifth, Greenwood Gardens, in North Plainfield/Somerset County. In Plainfield, the brokerage team of Gehane Triarsi and Adam Zweibel represented the seller and procured the buyer of 701-711 Kensington Ave. The three-story, 18-unit apartment building, which sold for $2.35 million, is centrally situated in the Watchung Put- nam neighborhood, less than a mile from the Netherwood and Plainfield train stations. “Plainfield’s population con- tinues to grow at a record- setting pace for the city and, as a result, there is tremendous demand among the tenant base,” said Triarsi. “Where there is tenant demand, asso- ciated with historically strong occupancy rates, there is tre- mendous investor demand.” Zweibel and senior vice pres- ident Nicholas Nicolaou also arranged the $2.07 million trade of 39 units at 607-611 Madison Ave., between W. 6th and W. 7th Streets. The four- story VanWyck Brooks district property is within walking distance of local shopping, restaurants, schools, bus stops and parks. Additionally, the Triarsi/ Zweibel team closed two sepa- rate sales involving 37 units at 703-713 Plainfield Ave. and 12 P FAR HILLS, NJ — More than 200 commercial real estate professionals came out in support of the fight for healthy babies and honored Ed Russo , CEO of Russo Development in Carlstadt, NJ, at the recent New Jersey March of Dimes Real Estate Award Reception and Pynes Putting Challenge. The an- nual event, which took place at the United States Golf Association (USGA) in Far Hills, raised a record amount in excess of $180,000. The Real Estate Award Reception has been recogniz- ing industry leaders since
58 Park Place
entire staff is accommodating and responsive to our needs. The 58 Park Place location is in proximity to many of the companies and non-profits that we interact with on a daily basis. Businesses and non-profits today both need strategic partners to help them succeed, and The Berger Organization has become a strategic partner for Habitat for Humanity Newark.” “The Park Place neighbor- hood rapidly is changing and has undergone an amazing transformation over the last few years,” added Berger. “We’ve seen a drastic uptick in activity with more profession- als and business organizations moving here and bringing a renewed energy to the area. 58 Park Place – with its coveted amenities, location and price – quite simply is a great place to do business.” n
607-611 Madison Ave.
units at 204 E. 9th St., sold for $2.1 million and $1.2 million, respectively. Triarsi repre- sented the seller, 703 Plain- field LLC, in the disposition of these two properties as well as the Kensington Ave.property. Plainfield is a major trans- portation hub for commut- ers, despite the lack of an interstate highway within its borders. Major thoroughfares include the retail-laden U.S. Route 22, which connects the Lehigh Valley in Pennsylvania with Newark, and U.S. Rte.1 & 9. Entry to I-287 and I-78 can be accessed through neighbor- 2000. It provides a forum for the March of Dimes to raise awareness about its mission of preventing prematurity, birth defects and infant mor- tality. The event drew senior executives from real estate companies including brokers, managers, architects, devel- opers, owners, engineers and related industries. “As we celebrate 77 years of work of the March of Dimes, we are especially grateful for the opportunity to honor our supporters tonight,” said Gina Radice , executive director, March of Dimes North Jersey Division. “Ed
ing communities. Just north of Plainfield lies the borough of North Plain- field, where the Gebroe-Ham- mer team of executive vice president Greg Pine and sales associate Eli Herskowitz rounded out the firm’s latest Central New Jersey sales with the trade of Greenwood Gar- dens. Located at 1300 Route 22, the 404-unit garden-apart- ment complex features a mix of one- and two-bedroom layouts as well as newly installed vinyl insulated windows, hardwood oak flooring and on-site laun- dry facilities. n Russo is not only a well re- spected leader in the real estate industry, he and his wife Shalom experienced firsthand what it was like to have babies born premature- ly. Ed’s presence, along with the couple’s generosity and heartfelt support, has helped to increase awareness of our mission. Everyone involved has brought great success to the event.” “My wife and I feel a per- sonal connection to theMarch of Dimes and its mission to create a world of stronger, healthier babies because we are the proud parents of 6 1/2
Tone, Inc. served as Pynes Putting Chair. The challenge began with an initial compe- tition at Ridgewood Country Club in late May. It culmi- nated in the final match at the prestigious 16,000 s/f Pynes Putting Course at the USGA. The 2015 winning team included Mike Tes- ser and Jack Callahan from Colliers International. They received tickets to the US Open, compliments of USGA, lodging by Wyndham World- wide, a framed proclamation by Arnold Palmer, and the Pynes Trophy engraved with the winners’ names. n NJ CRE community supports March of Dimes at annual fundraising event
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