1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Two Gebroe-Hammer Associates Multi-Family Sales in Elizabeth Net $3.58 Million for 42 Units

Latest Transactions Bring Firm's Total Units Sold in Last 12 Months to 247

 
 
Stephen Tragash
Stephen Tragash
PRLog - Sep. 25, 2012 - ELIZABETH, N.J. -- Boasting a coveted Union County location and a high concentration of existing multi-family properties, the city of Elizabeth continues to be a steady source of investment trading activity, according to Stephen Tragash, sales associate, of Livingston, N.J.-based Gebroe-Hammer Associates. The area market specialist recently arranged two separate transactions, netting a combined $3.58 million for 42 total units, including three ground-floor retail units.

As one of the largest metropolitan areas in the nation, Elizabeth is making a comeback. In the past 12 months, Tragash has recorded nine transactions in the city involving a total of 247 units. Combined, the trades total almost $13 million and include four note sales arranged on behalf of one of the largest and most prominent New York-based banks.

"In recent years, Elizabeth has experienced significant revitalization and development efforts. The city offers a quality tenant base as well as a large stock of existing housing inventory. With interest rates still hovering at record lows, deal velocity in the city has substantially increased over the last six months, a trend that should continue in light of current economic conditions," said Tragash.

Tragash's most recent sales activity includes the $1.78 million sale of 19 apartment-rental units at 547-555 South Broad St. The three-story all-brick building, which has a courtyard, is within walking distance of mass transit and shopping. All units have two bedrooms and there are 17 on-site parking spaces. Average rents in the area for two-bedroom units range from $900-$1,050, according to Tragash, who also noted, "On-site parking really adds to this building's appeal, as does its excellent access to Routes 1 & 9."

The five-year Gebroe-Hammer sales associate also represented the seller and identified the buyer in the $1.8 million trade of 20 one-bedroom apartments and three ground-floor retail units at 150-152 Elmora Ave. The fully rented three-story brick building is situated on a main thoroughfare in one of the city's in-demand locations, according to Tragash. "Elmora is one of Elizabeth's most coveted neighborhoods, offering some of the finest restaurants and retail establishments, along with the convenience of a nearby NJ Transit train station," he said. According to Tragash, average rents for the building's one-bedroom units are around $875.

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 an eight-time CoStar Power Broker.

Photo:
http://www.prlog.org/11983733/1

--- End ---

Click to Share

Contact Email:
***@caryl.com
Source:Gebroe-Hammer Associates
Phone:201-796-7788
Location:Elizabeth - New Jersey - United States
Industry:Real Estate
Tags:multifamily, Real Estate, elizabeth, new jersey
Shortcut:prlog.org/11983733
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share