GEBROE-HAMMER ASSOCIATES ARRANGES $10.25 MILLION IN BERGEN COUNTY APARTMENT SALES
Property Trio Totals 78 Units in Hackensack and Palisades Park
HACKENSACK, N.J. – June 7, 2013 – (RealEstateRama) — Gebroe-Hammer Associates has arranged two separate multi-family investment transactions involving three apartment complexes in New Jersey’s highly desirable County of Bergen, announced Ken Uranowitz, president of the Livingston, N.J.-based firm. The Hackensack and Palisades Park, N.J., properties sold for a combined $10.25 million.
The brokerage team of Greg Pine, senior vice president, and Nicholas Nicolaou, vice president, exclusively represented the seller and identified the buyer in the sale of 50 Anderson St. and 430 Union St., both in Hackensack. The 29-unit and 37-unit mid-rise buildings traded for a total of $8.65 million. Uranowitz originally sold these properties to the seller back in 1984.
“With interest rates at all-time lows and demand at record levels, especially in high-barrier locations, the seller chose to capitalize on healthy multi-family investment fundamentals,” said Pine. “Hackensack, and its designation as the county seat and an epicenter of business, is attracting even greater investment demand thanks to strong occupancy rates and competitive rents.”
The five-story all-brick Anderson Street property consists of 14 one-bedroom, 13 two-bedroom and two three-bedroom units, some of which have dens. Featuring an on-site laundry room, the elevator building is situated near Hackensack’s Main Street, I-80 and Route 17 and a vast NJ Transit bus network.
Similarly, the six-story 37-unit Union Street property has 16 one-bedroom, 18 two-bedroom and two three-bedroom layouts as well as one studio apartment. It is centrally located near routes 4 and 17, as well as the Hackensack campus of Fairleigh Dickinson University.
The second Bergen County transaction involved the $1.6 million sale of Palisades Manor in Palisades Park. Pine and Uranowitz exclusively represented the seller and procured the buyer, both of whom are long-time clients. The two-story, 12-unit complex is just two miles from the George Washington Bridge.
“Bergen County as a whole, which is New Jersey’s most populous county, is a commuter hub that provides close and easy access to New York City’s employment opportunities, entertainment venues and cultural attractions – all of which appeal to today’s renter demographic,” said Pine. “As a result of these factors, this market is a prime target for multi-family investors.”
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is a nine-time CoStar Power Broker.
Media Contact:
Carin McDonald / 201-796-7788 / carin (at) caryl (dot) com
