LIVINGSTON--Gebroe-Hammer Associates has closed four separate new multi-family property transactions valued at a combined $8.28 million, announced Ken Uranowitz, managing director.
The small- to mid-sized properties totaling 153 residential units are situated in Essex, Hudson and Middlesex counties, with two of them in Newark. These deals follow last month’s $10 million trade of four separate North Jersey buildings, involving 130 units, within a one-week timeframe.
The largest new transaction involved the $4 million sale of 88 units at Aspen Temple near Newark’s Upper Clinton Hill section. Consisting of two all-brick, four-story buildings with elevators, the property is situated at 835 South 10th St., off Clinton Avenue. Located in a predominantly residential neighborhood, retail shops line the adjacent Clinton and Hawthorne avenues, and University High School is nearby.
Executive vice presidents David Oropeza and David Jarvis represented the seller, Nationwide Affordable Housing, Inc., and procured the buyer, Aspen Temple Holdings LLC. Legal counsel for the buyer was provided by Richard Kelin, Esq., of Feinstein, Raiss, Kelin and Booker of West Orange.
Also in Newark, Jarvis represented the seller and procured the undisclosed buyer, both of whom are long-time Gebroe-Hammer clients, in the $690,000 sale of 13 units at 322 Park Ave. Located near Branch Brook Park on Newark's west side, the building consists of three one-bedroom, four two-bedroom and six three-bedroom units.
In Jersey City, Uranowitz and Scott Callahan, vice president, orchestrated the sale of the 34-unit 3143 and 3149 John F. Kennedy Boulevard, representing the seller and procuring the buyer for the $2.019 million transaction. Situated just off Routes 1&9 and the Pulaski Skyway near Journal Square, the property is comprised of a mix of one- and two-bedroom units. Legal representation was provided by Barry Cohen, Esq., of Amster Rosensweig in Waldwick, and Larry Raiss, Esq., of Feinstein, Raiss, Kelin and Booker of West Orange on behalf of the seller and buyer, respectively.
In the fourth transaction, 18 units at 7-11 Byron Street in Carteret, Middlesex County, sold for $1.575 million. Joseph Brecher, executive vice president, represented the seller, 7-11 Byron St. LLC, and procured the buyer, a local investment group.
Gebroe-Hammer Associates
www.gebroehammer.com
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