Gebroe-hammer Associates Closes 418 Units In Essex County Deals Valued At More Than $17 Million
Three East Orange Sales Include a Complex $13.352 Million Note Sale.
- Newark, NJ (1888PressRelease) July 31, 2010 - New Jersey's urban markets, including Essex County, remain the front-runner in terms of multi-family investment transaction volume, according to Gebroe-Hammer Associates, the region's leading commercial real estate investment brokerage firm. Recent highlights include the trade of 418 total units throughout East Orange with a combined value of more than $17 million. The sellers and buyers in the multiple transactions were represented exclusively by David Oropeza, executive vice president, who led Gebroe-Hammer's brokerage teams.
"Properties in East Orange and other urban centers countywide have weathered the economic downturn with higher rates of occupancy and rentals than the national average," said Oropeza. "The combination of a high population density, high concentration of job opportunities and easily accessible transportation continues to make this market among the most attractive in the state."
The largest transaction was a $13.352 million note sale involving 111, 150 and 253 South Harrison Street and 195 and 242 Prospect Street, which boast a combined total of 320 units, to TreeTop Development. In a related subsequent deal, the five-story, 42-unit 150 South Harrison Street was re-sold for $1.7 million. Steven Tenenbaum, assistant vice president, procured the buyer, a long-time Gebroe-Hammer client. Each of the buildings is slated to undergo significant renovations to bring them up to more competitive market standards.
"The recessionary environment of the past 18 months has led to a wave of distressed debt sales that are now coming on line. These types of complex transactions often require specialized expertise in negotiating and closing a note sale that meets the diverse requirements of the lender," said Oropeza, who added that Gebroe-Hammer has negotiated several note sales totaling $48.9 million since March.
Oropeza also spearheaded the $1.975 million sale of 5 Whitney Place and 11-33 Ampere Plaza. In addition to 57 units offering a mix of one-, two- and three-bedroom units, the all-brick mid-rise complex also features ground-floor commercial space.
"Having been with the firm for over 25 years and having gone through the last major real estate downturn in the early 90s when he sold over 100 properties for Freddie Mac and other bank-owned properties, David has once again been selected by various prominent area banks, attorneys and investors to represent them in urban distress sales, whether it be debt or REO," said Ken Uranowitz, managing director.
Legal counsel was provided by Steven D. Fleissig, Esq., of Greenberg Traurig, LLP on behalf of TreeTop Development; Alan Popowitz, Esq., of Brach Eichler LLC represented the seller of the South Harrison and Prospect Street properties; and Robert Shandler, Esq., of Ditkas Shandler of Cliffside Park and Jonathan Mehl, Esq., of Rutherford represented the buyer and seller, respectively, in the Whitney Place and Ampere Plaza transaction.
Gebroe-Hammer, the region's dominant commercial real estate investment brokerage firm, specializes in the sale of multi-family, retail and commercial properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. Long-time clients include private owners, REITs, private equity firms and other institutional investors.
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