Mid Atlantic Real Estate Journal — September 27 - October 10, 2013 — 21A
www.marejournal.com
M id A tlantic R eal E state J ournal R 32 newly constructed units and a four-bedroom home Gebroe-Hammer Associates arranges $7.65 million sale OCHELLE PARK, NJ — Gebroe-Hammer Associates represent-
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ed the seller, 47-53 Central Avenue, LLC, and identified the buyer in the $7.65 million trade of Central Avenue Apartments, located at 47-53 Central Ave., in Rochelle Park. The brokerage team includes managing direc- tor Joseph Brecher , senior vice president Greg Pine and assistant vice president Deb- bie Pomerantz . The two-building garden apartment complex, which was built in 2006, is comprised of 32 units, each of which has an HVAC unit, hardwood flooring, ceramic tile kitchen and bath- room and full sized washer and dryer. A four-bedroom, 1,900 s/f home and 66-space on-site parking lot also were included in the sale. Gebroe-Hammer re- ports average market rents for the area range from $1,550 for a one-bedroom unit to $1,950 for three-bedroom units. Situated in a quiet, com- muter-friendly neighborhood, Central Avenue Apartments is just off Routes 80, 17, 46 and 4 as well as the Garden State Parkway. It is close to Bergen County’s major shopping desti- nations, including Garden State Plaza and Bergen Town Center, and recreational venues, such as golf courses, parks and Van Saun County Park and Zoo. “The opportunity to add a newly constructed, well-located garden-apartment complex to an investment portfolio was just too good to pass up,” said Pomerantz, who represented the buyer. “Amenity-filled prop- erties, in prime locations, rarely come to market in Bergen County, so when they do, they garner tremendous attention – and aggressive pricing.” New Jersey’s northeastern Bergen County is the most densely populated in the state and has 12 municipalities ranked among the most expen- sive places to live in America. “Despite the high cost of living, the county’s proximity to New York City and vast transporta- tion network make it a residen- tial destination of choice among today’s renters,” said Brecher, who noted the complex was 98 percent occupied at the time of sale. Legal counsel was provided by Jay Levinton, Esq. , of Westerman, Ball, Ederer, Miller &Sharfstein, LLC and J oseph Behot, Esq. , of Sokol, Behot & Fiorenzo. n
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47-53 Central Ave.
Dominance: “...most influential, having a commanding position.” (Webster’s) Q2 2013 • 22 DEALS • Still Averaging 2 Deals A Week DOMINANCE. New Jersey’s dominant brokerage firm specializing in the sale of
multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
INVESTMENT REAL ESTATE 2 West Northfield Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752 Visit us on the web at: www.gebroehammer.com Email: info@gebroehammer.com
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