10B — June 14 - 27, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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N orthern N ew J ersey
ACKENSACK, NJ — Gebroe-Hammer As- sociates has arranged Property trio totals 78 units in Hackensack and Palisades Park Gebroe-Hammer Associates arranges $10.25 million in Bergen County apartment sales H
seller and identified the buyer in the sale of 50 Anderson St. and 430 Union St., both in Hackensack. The 29-unit and 37-unit mid-rise buildings traded for a total of $8.65 mil- lion. Uranowitz originally sold these properties to the seller back in 1984. “With interest rates at all- time lows and demand at record levels, especially in high-barrier locations, the seller chose to capitalize on healthy multi-family invest- ment fundamentals,” said Pine. “Hackensack, and its designation as the county seat
and an epicenter of business, is attracting even greater in- vestment demand thanks to strong occupancy rates and competitive rents.” The five-story all-brick An- derson Street property con- sists of 14 one-bedroom, 13 two-bedroom and two three- bedroom units, some of which have dens. Featuring an on- site laundry room, the eleva- tor building is situated near Hackensack’s Main Street, I-80 and Route 17 and a vast NJ Transit bus network. Similarly, the six-story 37- unit Union Street property has 16 one-bedroom, 18 two-bed- room and two three-bedroom layouts as well as one studio apartment. It is centrally located near routes 4 and 17, as well as the Hackensack campus of Fairleigh Dickinson University. The second Bergen County transaction involved the $1.6 million sale of Palisades Man- or in Palisades Park. Pine and Uranowitz exclusively repre- sented the seller and procured the buyer, both of whom are long-time clients. The two- story, 12-unit complex is just two miles from the George Washington Bridge. “Bergen County as a whole, which is New Jersey’s most populous county, is a com- muter hub that provides close and easy access to New York City’s employment opportuni- ties, entertainment venues and cultural attractions – all of which appeal to today’s renter demographic,” said Pine. “As a result of these factors, this market is a prime target for multi-family investors.” n Rockaway, NJ — Char- ity Realty International announced the leasing of 198 Green Pond Rd. to JBA Sales. Donald Callahan , presi- dent of JBA-Sales states that locating to the heart of Morris County will afford greater ac- cessibility for his customers and his distribution business while providing a first class work en- vironment for his employees. A benefit of working with Charity Realty International is that a minimum of 20% of their net revenue is donated to their client’s designated char- ity. Callahan chose The Valerie Fund . n Charity Realty brokers lease in Rockaway, NJ
two separate multi-family investment transactions in- volving three apartment com- plexes in New Jersey’s highly desirable County of Bergen, announced Ken Uranowitz , president of the Livingston based firm. The Hackensack and Palisades Park properties sold for a combined $10.25 million. The brokerage team of Greg Pine , senior vice president, and Nicholas Nicolaou, vice president represented the
Bergen County Property
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