Hoboken and South Orange Mid-Rise Apartment Buildings Attract Strong Investment Attention
Three Recent Properties Sold by Gebroe-Hammer Associates.
- New York, NY (1888PressRelease) December 09, 2010 - Northern New Jersey's semi-urban and suburban commuter hubs throughout Hudson and Essex counties continue to attract multi-family investors as demand intensifies for well-maintained walk-up buildings, according to Gebroe-Hammer Associates of Livingston, N.J. The investment real estate brokerage firm recently closed three separate transactions involving a total of 44 units in Hoboken and South Orange, which traded for a combined $6.35 million.
"Mid-rise walkups, in close proximity to major transportation outlets, are continually at the forefront of investment demand because they generally have excellent occupancy rates and rental-income performance, despite fluctuating economic cycles," said Joel Schwartz, executive vice president.
Schwartz, along with Nicholas Nicolaou, area market specialist and sales associate, represented the seller, 323 Bloomfield LP, in the $3.1 million sale of 323-325 Bloomfield St. Gebroe-Hammer's David Schwarz, sales associate, procured the buyer, 323 Bloomfield LLC. The 16 two-bedroom apartments sold for $193,750 per-unit, which is "extraordinary for an early 20th-Century era walk-up building," added Nicolaou.
Schwartz and Nicolaou also represented the seller, 308 Madison LLC, and buyer, a private investor, in the $1.85 million sale of nearby 308 Madison St. The fully occupied five-story brick fašade building features a mix of one-, two- and three-bedroom units and includes two three-bedroom duplexes.
Located between 3rd and 4th Streets, both buildings are within a few blocks of the Hoboken Terminal. In addition to PATH service to Manhattan, Journal Square in Jersey City and Newark Penn Station, commuters benefit from nearby Holland Tunnel and Lincoln Tunnel access. The city also boasts extensive rail, ferry service and bus lines and roadways.
"Hoboken is a diverse community of working-class families, young professionals and artisans - all of whom value its 'immediate access' to New York City, lower rents as compared to Manhattan and architectural aesthetics that combine urban living with a strong sense of a close-knit community," said Nicolaou. "Each of these factors enhances Hoboken's profile as one of the most in-demand multi-family investment markets in the northeast."
To the west of Hoboken in the transit-oriented community of South Orange, Gebroe-Hammer's David Jarvis, executive vice president, and Stephen Tragash, sales associate, also finalized the sale of 18 fully occupied units at 170 Irvington Ave. for $1.4 million. The brokerage team represented the seller, Pickwick Arms LLC, and procured the buyer, Capital Properties LLC. Just two blocks from one of the village's two Midtown-direct train stations, the all-brick building features a mix of studio, one-bedroom and two-bedroom units and on-site laundry facilities.
Legal counsel was provided by Thomas Cohn, Esq., of Coughlin Duffy LLP, who represented the sellers of both Hoboken properties; Daniel Ober, Esq., on behalf of the 323-325 Bloomfield Ave., Hoboken buyer; and Melanie Scroble, Esq., of Ansell, Zaro, Grimm & Aaron PC, on behalf of the buyer of the South Orange building.
Gebroe-Hammer Associates is New Jersey's dominant, most experienced commercial real estate brokerage firm specializing in multi-family, retail and office property investment sales. With a concentration on suburban and urban high-rise, mid-rise and garden-apartment properties, the firm also markets mixed-use and free-standing office and retail properties throughout New Jersey, New York and Pennsylvania.