Gebroe-Hammer's Urban Market Specialists Orchestrate Two Hudson County Transactions
Under-Performing Properties Pique Investor Interest.
- Jersey City, NJ (1888PressRelease) June 09, 2012 - Boasting a high concentration of existing Class-B and Class-C multi-family properties, Hudson County continues to be a steady source of investment trading activity, according to Gebroe-Hammer Associates. The firm recently arranged two separate transactions, netting a combined $1.48 million for 18 total units, including one ground-floor retail unit.
Gebroe-Hammer exclusively represented the seller and identified the buyer, a long-time client, in the $950,000 sale of a five-story walk-up in Weehawken. The mid-rise building is strategically situated between JFK Boulevard East and Park Avenue, the township's busy north-south corridor roadway.
The firm's market specialists also orchestrated a $530,000 short sale of a four-story brick building in Union City. Comprised of eight two-bedroom units, the property is near Jose Marti Field and St. Michael the Archangel Church and Monastery.
"Like many municipalities along the Hudson River shoreline, Weehawken and Union City are commuter hubs where a good majority of the residents rent by choice, a factor that consistently fortifies occupancy levels and attracts investors," explained Nicholas Nicolaou, sales associate and a member of the brokerage team in the Union City sale. Gebroe-Hammer was named the exclusive listing broker by the lender and identified the buyer, a long-time client with additional holdings in Hudson County.
"As the pipeline of distressed debt and real estate - after-shocks of the Great Recession - continues to flow into the marketplace, investors are weighing the favorable benefits associated with such an acquisition," said Ken Uranowitz, managing director. "In spite of deferred maintenance and other related issues, which often contribute toward an asset's diminished performance, investors are competing vigorously to purchase these discounted properties with the expectation of adding value over time, and location is always the mantra. And, as rents continue to rise in New York City, tenants who are priced out of Manhattan will continue to seek alternative living options along New Jersey's Gold Coast."
Gebroe-Hammer's brokerage activities are primarily concentrated along the New Jersey/New York/Pennsylvania corridor, including Philadelphia, with a number of transactions recorded throughout the Northeast annually. Established in 1975 by industry icons Mel Gebroe and Morris Hammer, Gebroe-Hammer's client base includes private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the firm is an eight-time CoStar Power Broker.