11-9-12

26A — November 9 - 22, 2012 — New Jersey — Mid Atlantic Real Estate Journal

www.marejournal.com

N ew J ersey

SEBCO The Finest In Metered Laundries Laundry Systems

ATERSON, NJ — Continued revital- ization efforts have During the past six months in the City of Paterson Gebroe-Hammer orchestrates the sale of more than 110 units P

properties along with the availability of record-low in- terest-rate financing – both of which are highly appeal- ing to investors.” In the first transaction, a $600,000 short sale, Ge- broe-Hammer exclusively represented the seller, in conjunction with the lender, a prominent NewYork bank. Pomerantz also identified the buyer of the three-story, 27-unit brick- and alumi- num-sided building at 42-52 Essex St. Set in a quiet resi- dential neighborhood, the property is close to shopping and transportation. Additionally, Pomerantz represented the seller and procured the buyer in the $985,000 all-cash sale of 16 units at 58-60 17th Ave. The building includes a mix of nine one-bedroom and seven two-bedroom units. “The fully rented building is well managed and also is located in a quiet, residential area. The buyer recognized the long-term investment potential of this building and didn’t hesitate to add the property to his portfo- lio,” said Pomerantz, who noted average rents for the

one-bedroom units are about $775 while the two-bedroom units rent for about $900. Rounding out the area mar- ket specialist’s latest trans- actions is the $100,000 sale of six units at 472 10th Ave. Aone-time industrial pow- erhouse, Paterson’s proxim- ity to NewYork City makes it highly favorable among com- muters. The city is served directly by I-80 as well as routes 4, 19 and 20. Routes 46, 3, 17, 21, 208 and the Garden State Parkway also are nearby. Rich in history, the city touts a significant parks and recreation sys- tem. Recent multi-family sales highlights in the city also include the note sale of a 46-unit, nine-building port- folio to a private investor on behalf of a prominent New York bank and the $1.05 million sale of 16 units at E. 26th Street. In nearby Pas- saic, the brokerage team of Pomerantz and sale associate Nicholas Nicolaou also ar- ranged the $4 million trade of SevilleApartments, a five- story, 46-unit midrise build- ing, which was fully occupied at the time of sale. n

1-800-SEBCO-88 (1-800-732-2688)

s p a r k e d i n c r e a s e d multi-family investment interest in the City of P a t e r s o n , where Ge- broe-Ham- mer Asso-

http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com

Debbie Pomerantz

ciates has orchestrated the sale of more than 110 units during the past six months. The investment brokerage firm’s latest transactions involve three well-located properties consisting of 49 total units in the heart of the Passaic County seat. “Paterson is a commuter hub where a substantial number of residents are rent- ers. Both of these factors con- tribute toward strengthen- ing occupancy levels citywide as well as piqued interest among multi-family inves- tors,” said sales associate Debbie Pomerantz , who engineered each of the recent transactions and is the firm’s area market specialist. “As a result, the Paterson market boasts attractively priced

Fairfield Corporate Park, Fairfield, New Jersey

FOR LEASE 32,000 Square Foot Industrial Building

* Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.

S HELDON GROSS REALTY, INC. REALTORS Ɣ Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com

The main advantage to

our New Jersey real estate

Mid Atlantic Real Estate Journal Sponsors

Volume 22 Issue 17

www.marejournal.com

Negotiating contracts of sale and options

n

law practice? New Jersey.

on behalf of sellers and purchasers of

improved and unimproved real property

Our comprehensive understanding of commercial

Representing retail, commercial and indus-

n

real estate law and the governmental landscape in

trial developers, landlords and tenants

New Jersey comes from practicing in New Jersey

All aspects of major redevelopment

n

for over 125 years. Our real estate attorneys work

projects

together with our corporate, environmental,

Sale-leaseback transactions

n

lending and litigation practice groups to provide

Obtaining zoning, planning and other

n

for all of our clients’ needs.

developmental approvals and permits

To find out how we can help your business in

1031 tax-free exchanges

n

New Jersey’s complicated real estate environment,

Representing borrowers and lenders with

n

contact Nick Racioppi at 973.451.8492 or

loans secured by real property

nracioppi@riker.com.

Brownfields

n

Exceptional commercial real estate solutions and services for businesses who demand more from their space.

Real estate litigation and arbitration

n

matters

Condemnation proceedings

n

MORRISTOWN,NJ Phone: 610•332•1100 Fax: 610•332•1111 www.penncapproperties.com TRENTON,NJ NEWYORK A T T O R N E Y S A T L A W 559 Main Street, Suite 300 Bethlehem, PA 18018

www.regalbanknj.com

LONDON AFFILIATE

WWW.RIKER.COM

973.538.0800

609.396.2121

212.302.6574

+44 (0) 20 7877 3270

Made with FlippingBook - Online Brochure Maker