"Portfolio and single-property investors are stepping up their acquisition activity in the wake of record-low vacancy rates and distressed property opportunities that offer tremendous performance potential," said Ken Uranowitz, managing director. "The locations of these particular properties - both offering commuting convenience and easy access to Manhattan - are high on any investor's wish list."
The Bergen County transaction, brokered by Senior Vice President Greg Pine, involved the $1.405 million sale of 16 units at 63 Washington Place in Teaneck. The three-story brick building was built in 1940 and includes 13 one-bedroom units, two two-bedroom units and one three-bedroom unit. Both the buyer and seller are long-time Gebroe-Hammer clients.
"This property, which was in bankruptcy court, was an all-cash transaction,'' said Pine. "The new owner plans to implement a renovation program in order to turn the property around and position it more competitively in this robust rental market." According to Gebroe-Hammer, average rents for a one-bedroom unit in Bergen County start at approximately $1,100.
Legal counsel for the Teaneck trade was provided by Kevin P. Kelly, Esq., of Kelly Kelly Marotta & Lafferty LLC in Maywood, and Donald W. Clarke, Esq., of Wasserman, Jurista & Stolz in Millburn, on behalf of the buyer and seller, respectively.
The brokerage team of Uranowitz and Debbie Pomerantz, sales associate, also arranged a $644,000, nine-building portfolio note sale totaling 46 units in Paterson. This is the twelfth note sale Gebroe-Hammer has sold exclusively for a prominent New York bank during the past 18 months. The properties are located on Jackson Street, Oak Street, Washington Avenue, Broadway, Godwin Avenue and Sussex Street. A private investor acquired the portfolio.
Rich in history and boasting a significant parks and recreation system, Paterson is highly favored by commuters. The city is served directly by I-80 as well as Routes 4, 19 and 20. Routes 46, 3, 17, 21, 208 and the Garden State Parkway are nearby.
Established in 1975 by industry icons Mel Gebroe and Morris Hammer, Gebroe-Hammer Associates specializes in urban and suburban multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the company provides innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors. Gebroe-Hammer is an eight-time CoStar Power Broker.