BLOOMFIELD, N.J., May 3, 2013 – Gebroe-Hammer Associates, the Livingston-based investment brokerage firm specializing in multi-family transactions, engineered a 1031 Exchange involving the sale of a 39-unitBloomfield property and the acquisition of aMontclair property package. The package encompassed 29 apartment-rental units and an adjacent single-family home containing a 19-space parking lot. Gebroe-Hammer’s Ken Uranowitz, president, exclusively represented the sellers, both of whom are long-time clients, in both sales.
Uranowitz and David Jarvis, executive vice president, who identified the buyer, arranged the $3.605 millionBloomfieldsale. The three-story all-brick building offers a mix of one- and two-bedroom units. Located near the municipality’s business district, the property is favored by families and professionals alike due to its proximity to major transportation arteries; recreational pursuits, including Brookdale Park; and the Bloomfield Station, a stop on NJ Transit’s Montclair-Boonton Line, offering commuters direct rail service toHobokenandNew York City.
A prerequisite to the sale of the building inBloomfieldwas locating a replacement property to facilitate a 1031 Exchange. Uranowitz identified the 22-24 and 27 St. Luke’s Pl.,Montclairproperties, which sold for $4.675 million and satisfied what the seller of theBloomfieldproperty was seeking in exchange.
Centrally located in theUpper Montclairresidential neighborhood, the property includes a well-maintained four-story, elevator apartment building and a large, two-bedroom single-family residence directly across the street. The home also has a 19-space parking lot for tenants of the mid-rise rental complex. Just two blocks from the popularChurch Streetbusiness district, the complex is within walking distance of theMontclairMuseum, Whole Foods Market,HillsideElementary Schooland nearby restaurants and shops.
“The out-of-state seller, who owned the property for 28 years and is a veteran multi-family investor, felt the timing was right for a disposition due to favorable market conditions,” said Uranowitz. “While the seller of theMontclairbuilding was able to maximize the return on his original investment, theBloomfieldseller successfully completed the back-end of the Exchange by adding a high-quality, high-performing multi-family asset to his portfolio.”
In a secondBloomfieldtransaction, Uranowitz also arranged the $1.7 million sale of42 Park Ave., located betweenBloomfield AvenueandBroad Street. This was the second time in four years that the 38-year firm veteran sold the three-story all-brick 22-unit property.
Situated in the northeastern part ofEssexCounty, on the border ofPassaicCounty,MontclairandBloomfieldare popular commuter hubs. Both townships boast their own unique character, but share a vast transportation network. Major mass transit links include theGarden State Parkway, NJ Transit Montclair-Boonton Line to Hoboken Terminal and Midtown Direct trains to Penn Station in Midtown Manhattan via Secaucus Junction and an extensive system of NJ Transit bus lines.