LIVINGSTON—Multifamily sales have been brisk in the first two months of the year throughout New Jersey's northern counties, where Gebroe-Hammer Associates is averaging one deal per week. The Livingston-based firm's brokerage professionals have recently recorded seven separate transactions, involving a total of 138 units sold for $8.34 million, in Bergen, Essex, Hudson and Union counties.
In the northernmost county of Bergen, Greg Pine, senior vice president, completed the $1.985 million sale of Phelps-Ivy, a 14-unit complex located at 17 East Ivy Lane in Englewood. Constructed in 2000, the three-story elevator building features covered parking and a convenient location offering easy access to Route 4, near the George Washington Bridge.
New Jersey's urban centers are attracting high rates of trading as well. Executive vice president David Oropeza completed the $1.175 million sale of 10 South Grove St., in the heart of East Orange. Located near major highways and shopping districts, the 25-unit four-story brick building consists of nine one-bedroom and 16 two-bedroom units. Additionally, Oropeza, along with executive vice presidents Joseph Brecher and David Jarvis, arranged the trade of 32 units in Orange for $1.275 million. The three-story all-brick building offers a mix of studio, one- and two-bedroom units as well as on-site parking.
Gebroe-Hammer's market specialists also have been active in Linden and Jersey City. Sales associates Gehane Triarsi represented the seller and procured the buyer in the $1.2 million sale of 612 Ziegler Ave., an 18-unit garden apartment complex situated in one of the city's residential neighborhoods, and Nicholas Nicolaou orchestrated a 21-unit trade for $1.4 million at 34 Clifton Place, respectively.