LIVINGSTON, N.J., Oct. 7, 2014 – A high velocity of exclusive multi-family listings throughout Passaic and Bergen counties, coupled with Gebroe-Hammer’s value-add real estate brokerage services, has resulted in more than $60 million in sales arranged by Debbie Pomerantz, assistant vice president. In total, the area market specialist has closed 20 transactions totaling 556 units in these densely populated Northern New Jersey counties during the past 18 months.
“Under Debbie’s leadership, Gebroe-Hammer has emerged as the dominant investment brokerage firm in Paterson and Passaic, as well as the high-barrier-to-entry Bergen County market,” said Ken Uranowitz, president. “Clients value her persistence, in-depth market knowledge and creative deal-structuring abilities. She has emerged as the ‘broker of choice’ for many long-time owners and veteran investors seeking to market or acquire a property.”
During a recent 10-day timeframe, Pomerantz arranged four separate transactions involving multi-family properties in Hackensack, Teaneck, Edgewater and Paterson. Combined, the Bergen County transactions surpassed $11 million for 75 apartment-rental units. In Paterson, the Passaic County seat, Pomerantz also represented the seller and identified the buyer in the trade of 436 E. 36th St., which garnered a per-unit price of $90,000.
Just two towns away in Passaic and less than a month earlier, she closed on a $6.85 million deal involving 112 Park Place, a five-story elevator building. Other transactions orchestrated by Pomerantz throughout the city include the sale of 22 units at 110-120 Blaine St.; 18 units at 104-108 Willett St.; 21 units in adjoining buildings at 49 Third St. and 144 and 156 Passaic St.; and a 12-unit apartment complex at 458 Lafayette Ave. The four deals were closed within a six-month period.
“In Passaic, a large majority of households – between 50 – 75 percent – are renter-occupied. This is ideal for buyers who want to implement a value-add program to render their newly acquired properties even more competitive in the future,” said Pomerantz.
Passaic and Bergen County and Beyond
“The springboard for Debbie’s brokerage success has been – and continues to be – Passaic County,” added Uranowitz. In addition to the City of Passaic, she has arranged several transactions throughout Paterson that encompass 138 units. The properties, which range from garden-style to mid-rise complexes, are located on Godwin, Hamilton and Graham avenues, as well as Martin and E. 18th streets.
Pomerantz also actively represents clients whose interests extend beyond Northern New Jersey. In June, she identified the buyer of Shenandoah Village, a 72-unit luxury apartment community in Lakewood that sold for $12.25 million.
“Commercial real estate in Passaic and Bergen counties – and all of Northern New Jersey for that matter – continues to surge from an investment standpoint,” said Pomerantz, whose Bergen County activities include the $7.65 million trade of 33 units in Rochelle Park. “Municipalities within the most populous areas, including Paterson, Passaic and all of Bergen County, are not only at the top of every multi-family investor’s wish list, they also have the shortest supply of for-sale product and, as a result, have the most aggressive bidding.”