4A — May 25 - June 7, 2018 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
a c k e n s a c k / Fairview/Passa- ic, NJ — In Bergen 145 units located in Hackensack, Fairview and Passaic Gebroe-Hammer arranges 3 multifamily sales totaling $22.6M in Bergen/Passaic, NJ apartment submarkets H elevators and feature a mix of layouts ranging from one- to four-bedrooms.
for even greater residential migration to a small city – out- side of New York City – where the residential housing stock is dominated by multi-family and the apartment-rental life- style is king.” Also in Bergen County, Pomerantz represented the seller and procured the buyer of 47 Bergen Blvd., Fairview. Built in 1989, the 12-unit property garnered a $204,167 per-unit price in the sale. The all-brick façade three-story building is close to a grocery store, diner, schools and sev- eral bus stops. “This area of the municipality stands out for its high concentration of bus lines, which about 20% of the population ride to get to work,” added Pomerantz. Rounding out Gebroe-Ham- mer’s recent Bergen/Passaic sales is the trade of 23-25-27 Jackson St., Passaic, also ar- ranged by Pomerantz. Sold for $2.15 million, the 18-unit gar- den-apartment community fea- tures a mix of one one-bedroom, 13 two-bedroom and four three- bedroom layouts. The building was constructed in 2002 and is close to the major thoroughfare of Rte. 21. New York City is only 12 miles away. Procida Funding provides $5.5million acquisition loan to revitalize RcaVictor HQ in Camden, NJ CAMDEN, NJ — Procida Funding announced a $5.5 million acquisition loan by its 100 Mile Fund to Millennial Place, LLC for the acquisition, marketing, light rehabilitation and lease-up of Camden’s his- toric RCAVictor World Head- quarters at 201 N. Front St. The office building was con- structed along Camden’s Dela- ware River waterfront in 1916. “The property is appealing for its historic value as head- quarters for the company that revolutionized the radio and television industry, as well as its location in Camden, a city that is on the cusp of a major renaissance,” said William ‘Billy’ Procida , president and CEO of Procida Funding, LLC who is also an accomplished singer and guitarist. “We’re excited to support a project that will transform the former epicenter of the music indus- try into its next generational use.”
Debbie Pomerantz orches- trated two sales involving a low-rise building in Fairview as well as a garden community in Passaic. In the Hackensack trade, Ge- broe-Hammer represented the seller and procured the buyer of 115 total units at Regency Apartments, 50 Anderson St.; 46 Anderson St.; and Park Lane Apartments, 430 Union Ave. Each is situated adjacent to Anderson Park and within steps of NJ Transit’s Anderson Street/Union Avenue bus stop on the corner. Collectively, the mid-rise buildings have
“As the recent recipient of a New Jersey Smart Growth Award, Hackensack is cur- rently in the midst of a renais- sance targeting the downtown district that will bolster its population density, which is already extremely high in the Bergen County seat,” said Nicolaou. “In addition to extensive residential rede- velopment, public initiatives such as the Atlantic Street Park and transit-village des- ignation are paving the way
and Passaic counties, where effective rents are projected to advance modestly through 2019, Gebroe-Hammer As- sociates has arranged three separate transactions totaling 145 units sold for a combined $22.6 million. The brokerage team of executive managing director David Oropeza and senior vice president Nicho- las Nicolaou , along with executive vice president Greg Pine , arranged the sale of a three-property package in
430 Union Ave.
Hackensack for $18 million while senior vice president
For businesses, saving energy never looked so good.
Energy-efficient upgrades are a bright way for businesses of all sizes to reduce operating costs, increase comfort and grow the bottom line. With new financial incentives for improving energy efficiency, PECO can help you shine light on new ways to save. ► For more information, call 1-844-4BIZ-SAVE (1-844-424-9728) or visit peco.com/biz .
PECO. The future is on.
© PECO Energy Company, 2018
Made with FlippingBook - Online catalogs