LIVINGSTON, NJGebroe-Hammer Associates has arranged the sale of two Northern New Jersey apartment properties for a combined total of nearly $8 million, reports Ken Uranowitz, president of the firm. The two separate transactions total 49 units in Caldwell and Montclair, and both properties were sold by long-term owners.
In the Caldwell transaction, the 27-unit complex at 40 Roseland Ave. traded for $4.3 million. The firm's brokerage team, which included Uranowitz and David Jarvis, executive vice president, exclusively represented the seller and identified the buyer.
"This was a very unique off-market transaction as the seller was a private individual I have known for 27 years," said Uranowitz. "The sale was structured with the seller holding a long-term first mortgage plus the buyer's cash investment. Because of our long-standing relationships with both buyer and seller, we were able to bring them together and complete the transaction, from offer to closing, in just 30 days."
The two-story brick building, constructed in 1970, consists of 18 one-bedroom and nine two-bedroom apartments. It was fully occupied at the time of sale. The property features tenant parking in the rear and is located just one block from Bloomfield Avenue, Caldwell's main business district.
The completion of this sale marked a milestone as well for Uranowitz, who has now sold every garden complex over 18 units located on Roseland Avenue during his 38-year career, including twice selling the building next door, 48 Roseland Ave.
In Montclair, the four story, 22-unit brick, elevator building at 9-11 Seymour St. was sold for $3.655 million, which factors out to more than $166,000 per unit. Uranowitz represented the second generation private ownership and teamed with Jarvis to procure the buyer. Consisting of 18 one-bedroom and four two-bedroom units, the property is adjacent to a municipal parking lot with available permit parking and one half block from the center of Montclair's main business artery, Bloomfield Avenue.
"The Montclair property had been owned by the same family since 1959, whom I've known since my very first days in the business back in 1975, and this was the first time it had become available for sale," said Uranowitz. "Indeed, both of these properties had many-decades-long ownership in which each seller decided to capitalize on extremely favorable market conditions".
"Available product opportunities are few and far between, and voracious demand is surging to a point where it is way outstripping supply," he said.
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.