6B — June 23 - July 13, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
O wners , D evelopers & M anagers 53 Units Trade along Hudson Palisades and in NJ’s Third Largest City High-Barrier-to-Entry Bergen/Passaic County multi- family submarkets fuel latest Gebroe-Hammer Sales
ergen/ Passaic County, NJ — With multi-family develop- ment peaking this year and next in the Northern New Jer- sey metro and vacancy rates remaining low, prolonged in- vestment interest in as-is and value-add properties in the high-barrier-to-entry counties of Bergen and Passaic will pre- vail well into the foreseeable future, according to the broker- age professionals at Gebroe- Hammer Associates . The firm recently arranged two separate sales involving a total of three B
Senior VP Debbie Pomer- antz represented the sellers in both transactions while senior VP Nicholas Nicolaou pro- cured the buyer in the Cliffside Park deal. Pomerantz also ar- ranged the buyer of the Pater- son buildings. Along the Hudson Palisades in Cliffside Park, 19 units sold for $5.45 million or $286,842 per unit at 319 Palisade Ave., one of two main north/south thoroughfares in the borough. Built in 1995, Gebroe-Hammer initially sold the building to the current seller in 2011. The
three-story property features condominium-style designs, finishes and amenities as well as Hudson River and New York City skyline views. “In a municipality where about 77% of the housing stock is made up of apartment build- ings – large and small – and lit- tle more than half of the popula- tion rents, Cliffside Park packs a one/two investment punch as- sociated with its Bergen County and HudsonWaterfront locale,” said Pomerantz, who noted av- erage market rents are $1,688 in Cliffside Park.
According to the latest data available from REIS, Bergen County properties built from 1990 – 1999 have the lowest vacancy rate (1.7%) and com- prise 6% of the total inventory, the lowest of all property age brackets. The Palisade Avenue proper- ty boasts one- and two-bedroom units with spacious kitchens, living and dining rooms and closets as well as hardwood floors, central air conditioning and in-unit washers/dryers. Community amenities include a ground-level parking garage with direct elevator access. NJ Transit bus service is just steps from the mid-rise property to and from Manhattan via the George Washington Bridge or Lincoln Tunnel as well as Jer- sey City and local routes. While Bergen County may lack what is classified as a distinct large city, Passaic County’s Paterson is a larger mid-sized city where the archi- tectural landscape is dominated by apartment buildings and larger complexes that draw considerable investment inter- est, according to Pomerantz. As the third largest city in the state of New Jersey, Paterson has the second-highest den- sity of any U.S. city with over 100,000 people, second only to New York City. Pomerantz recently closed the $3.2 million sale of 34 separate- ly metered units at 764 – 768 21st St., and 549 – 553 E. 38th St., both of which are at the corner of Vreeland Avenue near access ramps to Routes 21 and I-80. “These properties were a particularly attractive invest- ment opportunity due to their proximity to mass transit and Top-10 rankings on Paterson’s safest and best neighborhoods for education lists,” she said. Among Pomerantz’s respon- sibilities at Gebroe-Hammer is representing a wide range of first-time and long-term clients in some of the most prominent market and off-market transac- tions throughout North Jersey and beyond. While focusing on the Bergen and Passaic County submarkets, she has closed over $200 million in sales in these high-barrier-to-entry hubs. She is a two-time recipient of Gebroe-Hammer’s peer-selected Salesperson of the Year Award, a NJ Top Broker, “Woman of Influence” in real estate and a two-time Executive Women in Real Estate honoree. n
319 Palisade Ave. buildings and 53 units located throughout the borough of Cliff- side Park and City of Paterson.
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