N ew J ersey 4B — December 23, 2022 - January 19, 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
Pomerantz arranges Fourth Street Apartments sale 33-unit workforce-housing apartment building sold for $5.35M in Passaic by Gebroe-Hammer
ASSAIC, NJ — Known as a former textile and metal-working cen- ter, Passaic’s high-density workforce-housing stock in- cludes 40-44 Fourth Street Apartments, a 33-unit early- 20th-Century-era midrise that recently sold for $5.35M in a transaction arranged by Ge- broe-Hammer Associates’ senior vice president Debbie Pomerantz . The Passaic County/North Jersey market specialist exclusively repre- sented the seller, GMX LLC, and procured the unnamed buyer, a private investor, in P
homes and 1 ground-floor retail unit, 40-44 Fourth St. Apartments is situated at Passaic’s eastern boundary in the Eastside neighbor- hood where it is separated by the Passaic River from four Bergen County towns. These municipalities include East Rutherford, Garfield, Ruther- ford and Wallington. “Boasting a 98% renter pop- ulation, this neighborhood is relatively historic, has a lot of character, offers outstanding walkability and has excellent mass-transit for an easy bus commute to employment cen- ters at nearby Newark-Liberty Airport (12 miles) as well as Manhattan (10 miles),” said Pomerantz, who noted renter demand is above average for this neighborhood. “These characteristics and fundamen- tals signal sustained demand for multifamily and an upward market-rent trajectory – both of which appeal to investors across the board.” Since being acquired by the seller, 40-44 Fourth Street Apartments has undergone modest renovations to a num- ber of units that include new windows and separate hot- water tanks. Exterior im- provements include a new roof in 2022. According to Reis/Moody’s Analytics, on an annualized basis through 2023 and 2024 asking and effective rents are expected to advance in the Passaic County submarket as a whole by 1.5% and 1.2%, re- spectively. Pre-1970s vintage multifamily product accounts for 67% of the apartment inventory and has a current occupancy rate of nearly 98%. At the center of the city’s mass-transit core is Passaic Bus Terminal, the home base for NJ Transit and Communi- ty Coach service to Paterson, Rutherford, Newark, Clifton, Garfield and Wallington as well as other local and re- gional points. Commuter jit- ney busses also operate along Main Avenue. In addition, Passaic Rail Station offers service on the Main Line, southbound to Hoboken Ter- minal and Secaucus Junction connecting to New York Penn Station as well as Newark Airport. Northbound service is provided to Paterson and Ridgewood as well as Suffern and Port Jervis, NY. MAREJ
the trade. “When a private investor approached the owner, a long- time client, with an offer that the owner deemed very at- tractive, the owner decided to consult with me, based on my long-time market knowledge and experience in different economic cycles,” said Pomer- antz. “As a result, I was able to quickly procure a new buyer – another long-time client – who made a superior offer that was immediately accepted, result- ing in a streamlined transac- tion from start to finish.” Featuring 32 apartment
40-44 Fourth Street Apartments
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