Gebroe-Hammer Associates Arranges Four Trades In Northern/central New Jersey

July 15, 2014

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Carin McDonald


Gebroe-Hammer Associates

2 West Northfield Road
Livingston, NJ 07039

Latest Transactions Reflect Unwavering Investor Demand for Multi-Family Properties

Gebroe-Hammer Associates Arranges Four Trades In Northern/central New Jersey

LIVINGSTON, N.J., July 15, 2014 – As multi-family offerings continue to generate considerable investor interest across New Jersey, Gebroe-Hammer Associates has arranged three separate trades throughout the state’s northern and central locales. The transactions involved multi-family properties in Newark, Irvington and Carteret as well as a three-unit retail center in Union.

“This region’s industrial market, especially the port sector, has generated considerable employment momentum, and that in turn is increasing investor interest in multi-family properties and a tenant pool/consumer base comprised of hard-working individuals and heads of household,” said Ken Uranowitz, president. “Each of these properties is just a few miles from the port facilities of Newark and Elizabeth, where worker demand is considerable.”

In Newark, Executive Vice President David Jarvis represented the seller and identified the buyer in the $1.215 million sale of 18 units at 158-160 Second Ave. The four-story brick façade apartment building is comprised of six one-bedroom and 12 two-bedroom units close to shopping, schools and the Bloomfield Avenue Light Rail Station. South of the city in Irvington, Managing Director David Oropeza arranged the sale of six units featuring two- and three-bedroom layouts at 444 Nye Ave., located near downtown, public transportation and the area’s major highways, including the Garden State Parkway and I-78.

Managing Director Joseph Brecher also represented the seller and identified the buyer in the sale of 7-11 Byron St. in Carteret. The 18-unit brick, garden-style complex sold for $1.74 million, which factors out to just under $100,000 per unit. Located in Middlesex County, the U-shaped, two-and-a-half story building consists of two one-and-a-half room units, four two-and-a-half room units and 12 three-room units. All common areas and apartments were recently renovated, including all-new double-paned windows. The property’s location near the New Jersey Turnpike also provides easy access to the Garden State Parkway and bridges and tunnels to New York City.

“The axiom ‘location, location, location’ is very appropriate here,” said Brecher. “There was widespread interest in this property, especially given its location near Exit 12 of the New Jersey Turnpike.”

The brokerage team of Jarvis and Vice President Stephen Tragash closed out Gebroe-Hammer’s recent Northern and Central Jersey sales with the trade of three commercial units located at 1026-1030-1036 Stuyvesant Ave., in Union. Situated between Morris Avenue and Vauxhall Road, the three storefronts house a tax preparation company, pizzeria and physical therapy practice.