NEW JERSEY—In a three-week time span, Gebroe-Hammer Associates has arranged 12 multifamily trades totaling nearly $19.5 million.
“Values are continuing to rise at a steady, consistent pace and new inventory is slowly coming to market as more and more long-time owners are coming off the fence to sell in an environment where interest rates are at all-time lows, demand is unrelenting and looming tax increases are on the horizon,” said Ken Uranowitz, managing director.
In Hudson County, Gebroe-Hammer orchestrated four transactions involving 117 units in Jersey City, Union City and West New York.
In Elizabeth and East Orange, the firm also represented clients in three sales netting $5.34 million for 76 apartment rental units and seven ground-floor retail units.
In Paterson, the company closed three sales, two of which were short-sales totaling 33 units for $725,000; a note sale in Irvington involving 32 units for $550,000; and the trade of 28 units in Montclair.