Gebroe-Hammer Associates Arranges Two North Jersey Multi-Family Sales Netting $5.67 Million

57 Total Units Trade in Montclair and Union City

Gebroe-Hammer Associates has arranged two recent multifamily investment transactions involving a total of 57 units in Northern New Jersey. The Livingston, N.J.-based investment brokerage firm represented the sellers and buyers of the Montclair and Union City properties, which sold for a combined total of $5.67 million.

"Demand for apartment-rental properties in North Jersey continues to be very strong as confidence in the apartment sector gains even greater momentum among investors, lenders and tenants," said Ken Uranowitz, managing director. "Investors are taking advantage of the ‘multi-family investment-friendly' financing climate characterized by low interest rates. Even in this new banking era, lenders are very comfortable with financing this kind of steady, solid commercial real estate investment where in-place renters are staying put because of continued unsettling economic conditions."

The team of Uranowitz and David Jarvis, executive vice president, orchestrated the $3.45 million sale of 29 units at 28 Gates Ave. in the commuter hub of Montclair. Uranowitz has been involved in arranging two trades of Gates Avenue during the course of his 36-year career. The industry veteran orchestrated the first sale of the property after 55 years of ownership.

Located just one block from Bloomfield Avenue near the Grove Street intersection, the four-story brick building is comprised of 21 one-bedroom and 8 two-bedroom units. The property is well-situated in this major New York City commuter hub, offering direct bus and rail service lines within a short walking distance.

"This property underwent a major renovation just two years ago to render each unit more competitive, making this offering particularly attractive to the buyer who owns and manages other properties in the Montclair area," said Jarvis, who specializes in the Essex County market. "In addition to its proximity to Manhattan, Montclair also is a university community and offers a wide array of retail shops and restaurants. On balance, it is a highly desirable residential destination, and properties that do come to market are clearly in demand."

Legal counsel was provided by Lawrence Slous, Esq., of Ashenfelter Slous McDonough & Trevensen, and Allen Popowitz, Esq., of Brach Eichler, representing the seller and buyer, respectively.

The second transaction involved the sale of a 28-unit apartment building in Union City that traded for $2.225 million. Legal representation for the buyer was provided by Jeff Itzkowitz, Esq., of Brach Eichler.

Established in 1975 by industry icons Mel Gebroe, chairman, and the late Morris Hammer, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales throughout New Jersey, New York and Pennsylvania. Widely recognized for its consistent sales performance, the firm is an eight-time CoStar Power Broker.