NEW JERSEY—Gebroe-Hammer Associates has brokered the sale of a distressed multifamily property located at 63 Washington Place in Teaneck for $1.405 million.
The Bergen County transaction, brokered by Senior Vice President Greg Pine, includes 16 units in the three-story brick building. Both the buyer and seller are long-time Gebroe-Hammer clients.
Constructed in 1940, 63 Washington Place includes 13 one-bedroom units, two two-bedroom units and one three-bedroom unit.
“This property, which was in bankruptcy court, was an all-cash transaction,’’ said Pine. “The new owner plans to implement a renovation program in order to turn the property around and position it more competitively in this robust rental market.”
According to Gebroe-Hammer, average rents for a one-bedroom unit in Bergen County start at approximately $1,100.
Legal counsel for the Teaneck trade was provided by Kevin P. Kelly of Kelly Kelly Marotta & Lafferty LLC in Maywood, and Donald W. Clarke of Wasserman, Jurista & Stolz in Millburn, on behalf of the buyer and seller, respectively.