Aspen Temple, Newark, NJ
Gebroe-Hammer Associates, the region's leading real estate investment brokerage firm, has closed four separate new multi-family property transactions valued at a combined $8.28 million, announced Ken Uranowitz, managing director. The small- to mid-sized properties totaling 153 residential units are situated in Essex, Hudson and Middlesex counties, with two of them in Newark. These deals follow last month’s $10 million trade of four separate North Jersey buildings, involving 130 units, within a one-week timeframe.
The largest new transaction involved the $4 million sale of 88 units at Aspen Temple near Newark’s Upper Clinton Hill section. Consisting of two all-brick, four-story buildings with elevators, the property is situated at 835 South 10th St., off Clinton Avenue. Located in a predominantly residential neighborhood, retail shops line the adjacent Clinton and Hawthorne avenues, and University High School is nearby.
Executive vice presidents David Oropeza and David Jarvis represented the seller, Nationwide Affordable Housing, Inc., and procured the buyer, Aspen Temple Holdings LLC. Legal counsel for the buyer was provided by Richard Kelin, Esq., of Feinstein, Raiss, Kelin and Booker of West Orange, N.J.
“Urban properties of this size and caliber are in heightened demand in Essex County and all of New Jersey’s most densely populated cities throughout the northern counties, which serve as a gateway for transportation and offer excellent access to employment centers and the 24/7 lifestyle the New York metropolitan area provides,” said Uranowitz, who noted that the well-maintained Aspen Temple property was 98 percent occupied at the time of sale.
Also in Newark, Jarvis represented the seller and procured the undisclosed buyer, both of whom are long-time Gebroe-Hammer clients, in the $690,000 sale of 13 units at 322
Park Ave. Located near Branch Brook Park on Newark's prominent west side, the building consists of three one-bedroom, four two-bedroom and six three-bedroom units.
“In this thriving neighborhood, average rents range from $780 per month for one-bedroom to $1,050 for three-bedroom units,” said Jarvis.
In Jersey City, Uranowitz and Scott Callahan, vice president, orchestrated the sale of the 34-unit 3143 and 3149 John F. Kennedy Boulevard, representing the seller and procuring the buyer for the $2.019 million transaction. Situated just off Routes 1&9 and the Pulaski Skyway near Journal Square, the property is comprised of a mix of one- and two-bedroom units. Legal representation was provided by Barry Cohen, Esq., of Amster Rosensweig in Waldwick, N.J., and Larry Raiss, Esq., of Feinstein, Raiss, Kelin and Booker of West Orange, N.J., on behalf of the seller and buyer, respectively.
“Properties like 3143 and 3149 Kennedy Boulevard are especially attractive in the current investment climate because of their potential to achieve market rents through upgrades and/or refurbishments, which the buyer will be implementing shortly,” said Uranowitz.
“Jersey City is a key residential market in the New York metro area,” he added. “The city has an excellent transportation system that seamlessly connects to New York City. In fact, nearly one-fourth of Jersey City residents are employed in New York City. Multi-family properties such as this have an important advantage in terms of tenant pool and location.”
In the fourth transaction, 18 units at 7-11 Byron Street in Carteret, Middlesex County, sold for $1.575 million. Joseph Brecher, executive vice president, represented the seller, 7-11 Byron St. LLC, and procured the buyer, a local investment group.
“The Middlesex County multi-family investment market has been and continues to be a hub of sales activity, especially in and around Carteret, which is undergoing a renaissance,”
Gebroe-Hammer Associates is the region's dominant real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITs, private equity firms and other institutional investors.
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