18B — February 12 - 25, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey 56 units and five buildings on the same street garner a total of $7.4 million Two multi-family trades stem from Gebroe- Hammer’s 40-year presence in Montclair
ONTCLAIR, NJ — The New York MSA bedroom community of Montclair is a trendy, hip enclave for an upper-middle income tenant base of urban- ites – a multi-family investor’s “dream demographic,” accord- ing to the brokerage profes- sionals at Gebroe-Hammer Associates . The investment brokerage firm, which recently arranged two separate trans- actions totaling 56 units and five buildings on the same street, has been on the front- lines of Montclair’s transfor- mation for more than 40 years. “Montclair has evolved from M
a community with aging resi- dential and commercial cor- ridors in the 1970s to a model for progressive urbanite living in the suburbs of New York City, where a large percentage of the population has always worked,” said Nicholas Nico- laou , senior vice president, who exclusively represented the owner and identified the buyer in the two trades. “It has gone from being a country town, to an artist colony, to a model for modern-day urbanism.” Ken Uranowitz , president, also was a member of the brokerage team for both transactions. The municipality’s latest
multi-family trades include a total of 18 units at 84, 93 and 95 Pine St., and 38 units at 97 and 101 Pine St., all of which have early 1900s-era architectural elements. Combined, the prop- erties garnered $7.4 million. As part of the Claremont Ave./ Pine Street neighborhood, the three-story walk-ups are with- in a four-minute walk to the Bay Street Rail Station – one of seven within the township. “The Claremont Ave./Pine Street neighborhood is primar- ily made up of low- and hi-rise apartment buildings with studio to four-bedroom units and has one of the highest
Markeim Chalmers achieves 100% occupancy at 20 Brace Road CHERRY HILL, NJ – Markeim Chalmers, Inc. , a leading commercial real estate, appraisals and prop- erty management firm in the Philadelphia Metropolitan Area, announces the recent signing of two long-term leas- es at 20 Brace Rd. in Cherry Hill. Located in one of the township’s heavily travelled business and residential area, the 4-story, 46,000 s/f office building is now 100% occu- pied. Working in concert with Needleman Management , Markeim Chalmers final- ized the long-term renewal lease to existing tenant Earp Cohn P.C. Attorneys at Law for 12,000 s/f. New tenant, SJS Title Company, leased the final 3,000 s/f within the building. Markeim Chalmers, Inc. is a full-service commercial real estate firm located in Cherry Hill, NJ, led by Fred S. Ber- linsky, Esq. , president. n Transformed into a country town by New York business icons and their families as well as an artist colony in the 1870s, new architecturally distinct mansions and modest homes began cropping up at the turn of the 20th century and still stand today. “This his- tory, Montclair’s deep-rooted artistic and cultural influ- ences and a 12-mile distance from/easy mass transit access to New York City are the foundation for the township’s reputation,” added Nicolaou. “It is a vibrant, diverse com- munity for residential living, shopping, dining and enjoying whatever suits each person’s preferences.” n proportions of studio/one- and two-bedroom real estate in any neighborhood nation- wide,” said Nicolaou. “Most of the residential real estate in this area is renter-occupied by individuals and heads of household who are employed in senior-level positions.” According to Neighborhood- scout.com, 63.6% of the area’s employed residents retain ex- ecutive, manager or equivalent professional titles. The town- ship’s median household in- come was $95,696 and median family income was $126,983 as of the last U.S. Census.
84 Pine St.
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