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LIVINGSTON, N.J., Oct. 19, 2009 – Gebroe-Hammer Associates, the region’s leading real estate investment brokerage firm, has closed four separate multi-family property transactions, valued at almost $10 million, in a one-week timeframe within the supply-constrained Northern New Jersey market. The small-to-mid-sized properties involved a total of seven buildings, 130 units and three retail shops in Essex, Union and Hudson counties.

“Properties within the 18 to 75-unit range are the backbone of the multi-family investment market right now, as demonstrated by this flurry of closing activity in such a short period of time,” said Ken Uranowitz, managing director. “Northern New Jersey is a hotbed of investment activity due to the high concentration of existing multi-family properties as well as a tenant base primarily comprised of young professionals whose lifestyle needs are driven by location and proximity to New York City and other key urban centers.”

The largest trade involved the $5.1 million disposition of three properties in Union City located at 2100-2102 and 2104-2110 Kennedy Blvd., as well as 928-930 21^st St. Uranowitz, along with Scott Callahan, vice president, represented the seller, a New Jersey-based investment group, and procured the buyer, a long-time Gebroe-Hammer client.

Built in 1913, the Kennedy Boulevard properties’ 47 units and three retail shops are located a half-block from 928-930 21^st St., a 21-unit well-maintained four-story walk-up. Just two miles from New York City via the Lincoln Tunnel, Union City is a core commuter center located one mile from the New Jersey Turnpike, four miles from the Garden State Parkway and at the junction of Routes 495, 3 and 1 and 9. Legal counsel was provided by Anthony Romano, Esq., and Larry Raiss, Esq., on behalf of the seller and buyer, respectively.

“Location and mass transit options are driving both occupancy rates and multi-family investment demand, which are interrelated, throughout New Jersey’s northern counties,” said Uranowitz. “Existing apartment buildings, which were built in the pre-war era, have become the ‘commercial real estate investment of choice’ among lenders, seasoned investors and those whose portfolios were once limited to offices, warehouses and/or shopping centers.”

In other Northern New Jersey multi-family investment strongholds, Uranowitz and Callahan also orchestrated the separate all-cash trades of 18 units at 63 and 67 Kennedy Blvd., in Bayonne (Hudson County) for $1 million as well as 22 one-bedroom units at 42 Park Ave., in Bloomfield (Essex County) for $1.55 million.

The two-building Kennedy Boulevard garden apartment complex, featuring a mix of studio and one-bedroom units, closed within 30 days of contract signing. Al Habjan, Esq., represented the seller, Bayonne Associates, LLC, and Pat Agresti, Esq., represented the undisclosed buyer.

At the three-story all-brick Park Avenue, Bloomfield, property, the buyer, 42 Park Avenue Associates, LLC, obtained a new first mortgage on the well-maintained building, which was 98 percent occupied at the time of sale. Larry Slous, Esq., and Joseph Behot, Esq., served as legal counsel for the seller and buyer.

Just to the south in the northeastern section of Union County, Gebroe-Hammer’s Joel Schwartz, executive vice president, and Stephen Tragash, sales associate, represented the seller, 511 North, LLC, and procured the buyer, a Gebroe-Hammer client, in the $1.54 million trade of 511 North Ave., a 22-unit three-story complex in Elizabeth. Legal counsel was provided by Tom Cohn, Esq., on behalf of the seller.

“As the fourth largest city in New Jersey, Elizabeth is yet another example of a transit hub market where investors are aggressively vying for multi-family properties once they come on line,” added Schwartz, who noted area occupancy rates are 97 percent.

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.