BLOOMFIELD, NJ—Gebroe-Hammer Associates has coordinated a 1031 Exchange involving the sale of a 39-unit Bloomfield, N.J.and the acquisition of a Montclair, N.J. property package, which contains 29 apartment-rental units and an adjacent single-family home containing a 19-space parking lot. Gebroe-Hammer’s Ken Uranowitz, president, exclusively represented the sellers in both sales.
The Bloomfield sale was arranged by Uranowitz and David Jarvis, executive vice president, who identified the buyer. The $3.6 million sale included a three –story property with a mix of one- and two-bedroom units. The property is in close proximity to public transportation.
A prerequisite to the sale of the building in Bloomfield was locating a replacement property to facilitate a 1031 Exchange. Uranowitz identified the Montclair properties located at 22-24 and 27 St. Luke’s Pl., which sold for approximately $4.7 million and satisfied the prerequisite.