Latest Transaction involves $2.025 Million Trade of 15-unit Property
LIVINGSTON, N.J. – July 11, 2013 – (RealEstateRama) — In Bergen County, N.J., where for-sale multi-family investment properties are sparse, Gebroe-Hammer Associates has orchestrated more than $18 million in investment sales during the past 12 months. The latest trade involves the $2.025 million sale of 15 units at 82 Brinkerhoff St., in Ridgefield Park.
“Historically, whenever a property comes to market in this Northern New Jersey county, investors – from private individuals to institutional – take notice,” said Assistant Vice President Debbie Pomerantz, who represented the buyer. “Sale prices are highly competitive, if not aggressive, with today’s sellers realizing a significant return on their original investment.” The brokerage team also included Managing Director David Oropeza, who exclusively represented the seller, a long-time client.
Constructed in 1928, the well-maintained property consists of 10 one-bedroom and five two-bedroom units. Features include on-site laundry facilities and easy access to shopping, schools and public transportation. The units’ kitchens and bathrooms have been continuously updated as well.
Legal counsel was provided by Richard Kelin, Esq., of Feinstein, Raiss, Kelin & Booker, LLC of West Orange on behalf of the seller and Joseph F. Behot, Jr., Esq., of Sokol, Behot & Fiorenzo in Hackensack who represented the buyer.
The Ridgefield Park transaction follows a surge in recent Bergen County sales arranged by Gebroe-Hammer. Highlights include the sale of 50 Anderson Street and 430 Union Street in Hackensack, whose combined total of 66 units were recently sold for $8.65 million, and the sale of 12 units at Palisades Manor in Palisades Park.
Livingston, N.J.-based 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.
Carin McDonald / 201-796-7788 /