The two separate sales of 376 and 424 Park Ave. and 75 and 81 N. Arlington Ave. (pictured), in East Orange, N.J. involved a total of 68 units and three retail shops. The properties were sold for a combined total of more than $3 million by Gebroe-Hammer Associates of Livingston, N.J.

Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039

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Release Date: Sept. 14, 2009

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES CLOSES TWO EAST ORANGE, N.J., MULTI-FAMILY SALES EXCEEDING A TOTAL OF $3 MILLION
68 Units Trade Along with Three Retail Shops

EAST ORANGE, N.J., Sept. 14, 2009 – Gebroe-Hammer Associates, the region’s dominant real estate investment brokerage firm and leader in the Essex County, N.J. multi-family housing submarket, has closed two separate transactions, totaling in excess of $3 million, announced Ken Uranowitz, managing director. The properties involving 68 units and three retail shops included 376 and 424 Park Ave. and 75 and 81 N. Arlington Ave., in East Orange, N.J.
    
“The owners of these properties recognized the opportunity to market these complexes within a supply-constrained market where there is heavy demand for urban garden and walk-up apartment complexes. Now is an extremely advantageous time to sell multi-family properties, given the low interest rate environment which won’t last that much longer as a result of inflationary concerns in the near future. This certainly bodes well for potential buyers at this point in time,” said Uranowitz, who noted the firm represented the separate sellers and buyers, long-time Gebroe-Hammer clients, in each transaction.

According to Gebroe-Hammer, average occupancy rates for the area are 95 percent with rental rates ranging from $775 for one-bedroom and $950 for two-bedroom units. Gebroe-Hammer’s David Oropeza, executive vice president, and Steven Tenenbaum, assistant vice president, closed the North Arlington Avenue deal while Oropeza and David Jarvis, executive vice president, orchestrated the disposition of the Park Avenue buildings.

The well-maintained 376 and 424 Park Ave. property is comprised of 9 one-bedroom and 23 two-bedroom units as well as a three-bedroom unit and three ground-floor retail shops. Located within one of East Orange’s residential neighborhoods, just steps from the North Walnut Street bus stop, the buyer, a New York-based investment group, plans to upgrade the kitchens and bathrooms.
 
Just a few blocks southwest of Park Avenue is 75 and 81 N. Arlington Ave., located on the corner of William Street. The two-building, all-brick property features 35 one-bedroom units near town hall and a new performing arts school. The area’s highway

infrastructure includes Interstate 280 and the Garden State Parkway. Mass transit options are plentiful throughout the city, with two private and multiple New Jersey Transit bus lines serving the area. Both of East Orange’s commuter rail stations along the Morris and Essex lines offer access to Hoboken Terminal and New York Penn Station.

“Since the closing, the buyer has already renovated a majority of the units and common areas, replaced all the windows, re-landscaped the exterior and performed major masonry work to the buildings,” commented Oropeza. “Because the rents are well below market, this massive renovation will enable the buyer to increase rents to market levels, thereby increasing value in a relatively short period of time.”

Gebroe-Hammer Associates specializes in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITS, private equity firms and other institutional investors.

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Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752