Gebroe-Hammer Associates Arranges $3.6 Million Sale of 44 Bergen County, N.J., Units
Bogota Property Trades to Settle Estate of Private Owner.
- Bergen-Passaic, NJ (1888PressRelease) July 07, 2011 - In one of New Jersey's highest barrier-to-entry multi-family investment markets, Gebroe-Hammer Associates has arranged the $3.6 million sale of 44 units in Bergen County. Senior Vice President Greg Pine represented the seller's estate trustee in the disposition of 112-128 East Fort Lee Rd., in Bogota and identified the buyer, a client of the Livingston, N.J.-based firm. Gebroe-Hammer was retained as the exclusive broker, after another firm was unable to sell the property, and arranged the trade within 75 days.
The seller, East Fort Lee Road Corp., owned the building for more than 50 years and was active in the New York metropolitan area's multi-family investment market. In addition to a diverse New Jersey portfolio, holdings included the Apthorp, a landmark apartment-residence on New York City's Upper East Side.
"The East Fort Lee Road property was a very unique opportunity for the buyer to acquire a mid-rise complex as part of an estate sale in the heart of Bergen County," said Pine, who is a Bergen County market specialist. "Investors are typically drawn to these types of properties due to the area's strong working-class family demographic, proximity to employment centers like New York City and access to mass transit links and the area's highway infrastructure, all of which support steady occupancy rates."
The three-and-a-half-story apartment building features a mix of 9 studio, 30 one-bedroom and 4 two-bedroom units. Palisade Avenue is a few blocks to the west and East Main Street/Degraw Avenue is to the north. In addition, Queen Anne Road and its retail and dining establishments are within a short walking distance. Six NJ Transit bus routes serve the area, offering service to the George Washington Bridge Bus Terminal, Port Authority in Midtown Manhattan as well as Jersey City. The borough connects to I-80 to the south and Route 4 to the north.
This latest transaction follows two recent Gebroe-Hammer trades in Bergen County. David Oropeza, executive vice president, and Pine orchestrated the $1.9 million sale of 19 one-bedroom units in Fairview. Pine also closed a $750,000 note, encumbered by a 6,000-square-foot office building, in Fort Lee.
"With very few - if any - new multi-family construction starts in Bergen County, and soaring demand among young professionals, couples and families for quality apartment-rental living, investors are vying for the 'rare' properties that do come to market," said Ken Uranowitz, managing director. "Because of the supply/demand gap, low-interest-rate environment and near-100 percent occupancy rates in Bergen County, long-time owners are opting to sell their suburban and urban garden, mid- and high-rise apartment buildings and complexes at prices and cap rates similar to that of just a few years ago."
Legal counsel was provided by Marcel R. Plaut, Esq., of West New York, N.J., and Joseph F. Behot, Esq., of Sokol, Behot & Fiorenzo in Hackensack, N.J., on behalf of the seller and buyer, respectively.
Established in 1975 by industry icons Mel Gebroe, chairman, and the late Morris Hammer, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales throughout New Jersey, New York and Pennsylvania. Widely recognized for its consistent sales performance, the firm is an eight-time CoStar Power Broker.
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