Gebroe-Hammer Associates Completes Five Elizabeth, N.J. Multi-Family Sales Totaling $6.964 Million
Separate Transactions Total 157 Units and include Three Note Sales.
- Newark, NJ (1888PressRelease) January 06, 2012 - The City of Elizabeth's comprehensive urban renewal initiatives continue to lure multi-family investors as evidenced by five recent transactions involving a total of 157 units, according to Ken Uranowitz, managing director of Gebroe-Hammer Associates of Livingston, N.J. Combined, the trades totaled $6.964 million and included three note sales for which Gebroe-Hammer was the exclusive broker representing one of the largest and most prominent banks in New York.
The largest note sale involved the $2.625 million trade of 60 garden-apartment units arranged by the brokerage team of Uranowitz; Executive Vice President Joel Schwartz; and Sales Associate Stephen Tragash. "Although there were some deferred maintenance and other related issues, which is par for distressed buildings in the current economy, the buyer saw tremendous upside potential associated with this property's superb location in one of New Jersey's most sought-after emerging markets," said Tragash.
Uranowitz and Tragash also partnered with Executive Vice President Joseph Brecher to complete the $1.25 million note sale of a 41-unit, five-story elevator building nearby. Recently upgraded and situated near shopping and transportation, the property includes 40 one-bedroom units and one three-bedroom unit.
The third note sale, orchestrated by Tragash and Uranowitz, involved 21 mid-rise units that sold for $900,000. "Like most note sales, which require speed and surety for execution, this transaction took just 10 days from offering to closing," said Tragash, who also arranged two market-rate sales. These include the $1.336 million sale of nearby 415 Westminster Ave., a 24-unit, four-story building near downtown Elizabeth, and the $852,500 sale of 11 units at 342-346 Chilton St.
"After Gebroe-Hammer identified the property on behalf of the buyer, a local investor, Chilton Street was acquired in an all-cash transaction," explained Tragash. "With a short due diligence period, the transaction closed in less than six weeks."
"Elizabeth has been a market on the rise thanks to increasing property values that are directly linked to the city's far-reaching revitalization and economic development efforts," said Uranowitz. "It will continue to attract buyers with ample funding who are looking to acquire well-located assets that have tremendous potential. Buyers who are adept and aggressive at pursuing and closing note sales will continue to be active as well."
Established in 1975 by industry icons, Mel Gebroe and Morris Hammer, Gebroe-Hammer Associates specializes in urban and suburban multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.
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