M id A tlantic Real Estate Journal — Northern New Jersey — June 17 - July 21, 2022 — 7B N orthern NJ
www.marej.com
Sales punctuate renewed demand among workforce housing & young professional tenant base Gebroe-Hammer arranges multifamily sales totaling $12.36M/83 units across City of Paterson
P ATERSON, NJ — New Jersey’s City of Paterson continues to draw heightened multifamily investment with the recent trade of 83 units sold for a combined $12.36M by Ge- broe-Hammer Associates in the Passaic County seat. Senior vice president Debbie Pomerantz exclusively repre- sented the seller and procured the buyers in each of the four separate transactions. The sold properties involved 330 E. 23rd St. (27 residen- tial/1 commercial unit); 112 Coral & 94-96 N. 9th Streets (14 units); 557 E. 28th & 592 E. 29th Streets (25 units) and 353 and 369 Fair St./90-92 N. 5th St. (16 units). “Paterson’s sheer size as the third largest municipality in the state, coupled with a re- vitalization similar to nearby North Jersey cities, are char- acteristics that continue to strengthen its position at the top of investor checklists,” said Pomerantz. “In addition to its strong in-place workforce- housing tenant base, the city is methodically gaining trac- tion as a desirable commuter- friendly, urban enclave no more than 20 miles from Mid- town Manhattan.” Connectivity, in conjunction with its suburban North Jer- sey geography, has propelled the city into consideration among today’s young profes- sionals. This is thanks to tran- sit links to Newark, Jersey City and the entire East Essex /Northern New Jersey Region. According to Pomerantz, most apartment buildings and homes offer front-door or a short walk to NJ Tran- sit bus routes originating at Broadway Terminal. Rail service also is available at Paterson Station, which is served by NJ Transit’s Main Line to Hoboken Terminal and Secaucus Junction con- necting to NY Penn Station and Newark Airport. “In addition to its transit- centric options, two other catalysts for Paterson’s re- naissance are the Great Falls, where officials have plans for mixed-use developments, as well as the Main Street Dis- trict, where city-wide growth and evolution are taking place,” said Pomerantz. Comprised of wards, each Paterson neighborhood has its own distinct character. While some feature a high
concentration of single-family homes, others are peppered with smaller (2-, 3- and 4-unit) apartment buildings and/or a mix of homes and mid-sized to larger apartment-home communities. Regardless, the housing stock is predominant- ly older and well-established, built between 1940 and 1969. Pomerantz, who is the firm’s Bergen/Passaic County mar- ket specialist, also represents client interests throughout New Jersey and beyond. Most recently in Paterson, she or- chestrated the $22.75M sale of the 114-unit Broadway Tow- ers in the Eastside Historic
District. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all mul- tifamily types including class A, B and C high-rise and garden-apartment properties. While initially focusing on New Jersey, the Livingston- based firm has evolved during the past 47 years to also domi- nate Eastern Pennsylvania and New York State submar- kets as well as represent client interests nationally. Widely recognized for its consistent sales performance, the firm is a 17-time CoStar Power Broker. MAREJ
557 E. 28th Street, Paterson NJ
MultifaMily firM of ChoiCe
The dominant apartment- focused investment sales brokerage leader in NJ/ Eastern PA/NY State. Representing Private Equity Funds, Institutional Investors and REITs as well as generations of Private Individuals and Family Offices. Additional focus on marketing mixed-use and free-standing office and retail properties.
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