Real Estate Journal — Owners, Developers & Managers — November 22 - December 12, 2019 — 13B
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M id A tlantic
O wners , D evelopers & M anagers
839 units sell across two-county region since June Gebroe-Hammer Associates arranges $154.3+M in Bergen/Passaic County, NJ sales B
its identity and sense of char- acter to include modern-day transit-focused urban-sophis- ticate living once associated with big cities,” said Pine. “As redevelopment and the delivery of new-construction market-rate units surround- ing municipal city centers and train stations have fed this decade-long transformation, existing multi-family proper- ties are now considered prime investment-acquisition oppor- tunities because of their inher- ent value-add and property repositioning potential.” Examples of this trend are mirrored in five transactions
arranged by Gebroe-Hammer’s brokerage professionals during a recent six-week stretch inmu- nicipalities like Palisades Park, Maywood and Ridgefield. Each posed an opportunity for new ownership to implement mod- est capital improvements, pri- marily to kitchens and baths, in order to achieve upper-per- centile market-rate rents and significant property apprecia- tion over the long term. Similar trends abound in Passaic County, particularly within the southwest quadrant where Gebroe-Hammer has arranged two separate trans- actions in Clifton involving
an average per-unit sale price of $180,455. The borough’s downtown section, defined as Main Avenue extending from the City of Passaic to the Rte. 45 overpass and at Clifton Ave. from First St. to Lexington Ave., has been targeted as a Special Improvement District. “Clifton, southwest Passaic County and the county as a whole – including its county seat of Paterson – have been leaders in the redevelopment and rehabilitation of its exist- ing housing stock,” said Pomer- antz, who is the firm’s Passaic County/North Jersey market specialist.
ERGEN/PASSAIC COUNTIES, NJ — Long considered one of the highest-barrier-to-en- try multi-family investment submarkets in the state, the Bergen/Passaic County apart- ment-property corridor contin- ues to live up to its enduring reputation, according to Ge- broe-Hammer Associates . While for-sale product remains scarce – and the investor pool abundant – the firm’s market specialists have recorded a total of $154.3+M in sales encompassing over 839 units since midyear. One of the latest Bergen County trades involves the sale of Valley West Apartments, located at 245 Valley Rd. in Wood-Ridge, which garnered a per-unit price of $250,000. The transaction was arranged by executive vice president Greg Pine , who exclusively represented the owner – the original developer of the cir- ca-1974 building comprised of one medical office and all one-bedroom/one bath layouts – and procured the buyer, a private investor. Senior vice president Debbie Pomerantz also served as a member of the brokerage team. In addition, Pine represented the same seller/developer in the $8.2M sale of 35 units built in 1980 Crystal Windows be come s NYPH member QUEENS, NY — National manufacturer Crystal Win- dow & Door Systems has recently become a member of the New York Passive House (NYPH) organization. This non-profit was founded in 2010 by professionals in the design community to promote the Passive House Standard for building energy efficiency. The Passive House Standard is a voluntary design and con- struction standard to achieve ultra-high energy efficiency in buildings. In addition, Crystal is listed with Passive House Accel- erator (PHA) . This online information sharing platform aggregates Passive House content from other websites and encourages contributed content for projects, manufac- turers, codes, and construction technologies from members across the design, construc- tion, and building products community.
in nearby Englewood late last year. Executive Vice President Stephen Tragash procured the buyer in that trade. “While Bergen County was once exclusively known as an affluent suburb of single-family homes, it has since expanded 245 Valley Rd., Wood-Ridge, NJ
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