NEWS RELEASE
Gebroe-Hammer Associates
2 West Northfield Road
Livingston, New Jersey 07039
Media Contact:
Carin McDonald / (201) 796-7788 / carin@caryl.com
GEBROE-HAMMER ASSOCIATES RECORDS SEVEN NORTH JERSEY MULTIFAMILY SALES NETTING $8.34 MILLION
Transactions Include 138 Units in Bergen, Essex, Hudson and Union Counties
LIVINGSTON, N.J., March 9, 2012 – Multi-family sales have been brisk in the first two
months of the year throughout New Jersey’s northern counties, where Gebroe-Hammer
Associates is averaging one deal per week. The Livingston, N.J.-based firm’s brokerage
professionals have recently recorded seven separate transactions, involving a total of
138 units sold for $8.34 million, in Bergen, Essex, Hudson and Union counties.
“Northern New Jersey remains a vastly in-demand, competitive market for multi-family
investments because of the region’s sheer number of units and strong occupancy rates
that consistently outpace the national average,” said Ken Uranowitz, managing director.
“This widely recognized commuter-hub corridor, extending from Union County to Bergen
County, is a constant focus for locally based, private individual investors as well as
regional and national entities.”
In the northernmost County of Bergen, Greg Pine, senior vice president, completed the
$1.985 million sale of Phelps-Ivy, a 14-unit complex located at 17 East Ivy Lane in
Englewood. Constructed in 2000, the three-story elevator building features covered
parking and a convenient location offering easy access to Route 4, near the George
Washington Bridge.
“As the state’s most populous county, Bergen continues to show solidly high occupancy
rates in the 98-percent range that are contributing toward elevated per-unit prices,
which was the case for Phelps-Ivy,” said Pine, who noted the property commanded a
$141,785 per-unit price.
New Jersey’s urban centers are attracting high rates of trading as well. Executive Vice
President David Oropeza completed the $1.175 million sale of 10 South Grove St., in
the heart of East Orange. Located near major highways and shopping districts, the 25unit four-story brick building consists of nine one-bedroom and 16 two-bedroom units.
Additionally, Oropeza, along with Executive Vice Presidents Joseph Brecher and David
Jarvis, arranged the trade of 32 units in Orange for $1.275 million. The three-story all-
brick building offers a mix of studio, one- and two-bedroom units as well as on-site
parking.
Gebroe-Hammer’s market specialists also have been very active in Linden and Jersey
City. Sales Associates Gehane Triarsi represented the seller and procured the buyer in
the $1.2 million sale of 612 Ziegler Ave., an 18-unit garden apartment complex situated
in one of the city’s residential neighborhoods, and Nicholas Nicolaou orchestrated a 21unit trade for $1.4 million at 34 Clifton Place, respectively.
“Despite the resilience of the for-sale multi-family sector, Northern New Jersey
continues to see a fair amount of distressed debt – repercussions of the recession,” said
Uranowitz. “Investors are competing vigorously for these ‘turn-around’ opportunities that
allow them to purchase notes at discounts well below the collateral’s market value.”
As the exclusive broker for a prominent New York bank, Gebroe-Hammer is currently
marketing various note sales on their behalf. During the last several months, the firm
has orchestrated 10 transactions for this bank throughout the region. The two most
recent sales involved mixed-use properties in Hudson and Union counties.
In Union City, the brokerage team of Uranowitz; Vice President Scott Callahan;
Executive Vice President David Jarvis and Nicolaou completed the trade of 19
residential units and a ground-floor retail unit for $825,000. Additionally, Uranowitz and
Sales Associate Stephen Tragash also arranged the $480,000 note sale of six
commercial and two multi-family units in Elizabeth. The Elmora Avenue property is
located in the city’s central business district.
Gebroe-Hammer Associates, based in Livingston, N.J., specializes in multi-family, retail
and office property investment sales throughout New Jersey, New York, and
Pennsylvania, including Philadelphia. Established in 1975 by industry icons Mel Gebroe
and Morris Hammer, the award-winning firm is widely recognized for its consistent sales
performance and is an eight-time CoStar Power Broker.
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About Gebroe-Hammer Associates