2 West Northfield Road
Livingston, NJ 07039
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Release Date: 09/02/2010
GEBROE-HAMMER ASSOCIATES CLOSES $3.1 MILLION SALE OF 54 UNITS IN BROOKLAWN, N.J.Historic Suburb Favored by Tenants Commuting to Philadelphia
BROOKLAWN, N.J., September 2, 2010 – Suburban commuter towns in southern New Jersey continue to attract multi-family investors and tenants alike, as demonstrated by the recent $3.1 million all-cash sale of the 97 percent-occupied Brooklawn Court Apartments in Brooklawn, N.J. Gebroe-Hammer Associates’ Joel Schwartz, executive vice president, represented the seller, Brooklawn, LLC, and procured the buyer, a long-time client, in the transaction.
“Brooklawn has a lot of character and history, given its proximity to the banks of the Delaware River, with a strong tenant pool of hard-working families,” said Schwartz, who procured the buyer and finalized the deal after another firm was unable to close the sale with a signed contract. “Just like the suburban markets serving New York City, there is an extremely high level of interest among multi-family investors who want to acquire small-to-mid-sized apartment buildings throughout New Jersey’s southern suburbs which are the gateway to Philadelphia.”.
The three two-story garden-style apartment buildings, located at 301-501 Browning Rd., are comprised of 54 two-bedroom units directly across the street from the Alice Costello School, the town’s pre-kindergarten through grade eight elementary school. Local shopping and dining are nearby within the borough’s historic business district.
Situated in southwestern Camden County, just off of Route 295, Brooklawn borders Bellmawr and Gloucester City as well as Gloucester County. The borough is served by five NJ Transit bus routes, one of which is two blocks away on Route 130. Philadelphia is seven minutes away via Amtrak.
“Multi-family transactions continue to surpass their office and industrial counterparts, especially in the suburbs, where sales volume is on the rise,” said Ken Uranowitz, managing director. “More and more property owners, many of whom possess decades of experience, are acknowledging that now is the ideal time to sell given the accelerated demand for multi-family properties in a record-low interest rate lending environment. Also, several clients have chosen to sell right now as the window closes on the 15% Capital Gains tax at year’s end.”
Legal counsel for the transaction was provided by Tom Cohn, Esq., of Coughlin & Duffy in Morristown and Harold Ritvo Esq., of Hackensack, on behalf of the seller and buyer, respectively.
Gebroe-Hammer is the region’s dominant brokerage firm specializing in the sale of multi-family, retail and commercial properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. Clients include private owners, REITs, private equity firms and other institutional investors.
2 West Northfield Road, Suite 301
Livingston, NJ 07039