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


N ew J ersey

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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

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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

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