M id A tlantic Real Estate Journal — Owners, Developers & Managers — July 2024 — 23A
www.marej.com
O wners , D evelopers & M anagers
Herskowitz advances brokerage firm’s depth as newly named principal SAGE marks trifecta with 3 rd recent multifamily sale; Elizabeth property garners $4.2 Million E LIZABETH, NJ — SAGE Investment Real Estate Advisors multifamily investment broker, as its newest principal. In this new role, he is responsible for complex and traditional deals, has recorded over $1B in real estate transactions.
spearhead- ing SAGE’s transaction activities throughout Central New Jersey while representing clients across New Jersey, New York
“I am excited to be part of SAGE’s refreshing brokerage- firm concept, which will allow me to leverage my extensive market experience while ad- vancing the firm’s authentic and nimble approach to doing business,” said Herskowitz. “SAGE’s benchmarks for ex- ceptional, effective and efficient service mirror that of my own work ethic and I am pleased to join Steve and Greg, with whom I have worked for many years, and their entire team.” MAREJ
(SAGE) announced its third recent multifamily trans- action, marked by the $4.2 million sale of 105 Grove St. in the Elmora section of Elizabeth. Steve Tragash, firm partner and co-founder, repre- sented the private individual seller and secured the buyer, a private investor. Most recently, SAGE has recorded sales exceeding $40M and involving more than 114 class A and classic-value-add units across Morris, Bergen and Union counties since establish- ing its firm less than six months ago. The firm’s client base in - cludes institutional-investment and private-equity entities as well as privately owned compa- nies, family offices and private individuals, the latter of which continue to account for a signifi - cant percentage of the state’s apartment-property landlords. “The sale of this Elizabeth property in the low 5% cap range surprisingly follows the trend of aggressive pricing for value-add offerings,” said Tragash. “The flipside of this is that fully stabilized proper- ties – with less upside – are responding more sensitively to interest rates with cap rates corresponding closer to mort- gage rates. For properties that fall into this category, we are working closely with these clients to contemplate whether it makes sense to sell now or wait. While this approach may be somewhat atypical to the traditional broker/owner rela- tionship, our approach is to un- derstand our clients’ businesses holistically and capitalize on market timing.” Constructed in 1927 and fully occupied at the time of sale, 105 Grove St. is uniquely positioned as an all-1BR 31- unit property with value-add potential where West End and West Jersey avenues converge. Located a 15-minute walk from NJ Transit’s Elizabeth Station, offering North Jersey Coast Line service, the property also offers proximity to an exten- sive roadway network. These routes include the New Jersey Turnpike (I-95); Garden State Parkway; Interstates 78 and 278; U.S. Routes 1/9 and 22; and NJ Routes 24, 27, 28, 35, 82, 124 and 439. As part of SAGE’s growth strategy, the firm welcomed Eli Herskowitz , an experienced
Eli Herskowitz
State and the Philadelphia MSA. During the past 10 years, Herskowitz, a multifam- ily specialist experienced in
105 Grove St.
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