Sean Ryan is associate editor of Real Estate New Jersey. (To read more on the multifamily market, click here.)
PLAINFIELD, NJ-In two transactions, buyers have acquired three multifamily apartments with a combined 135 units here for a total of nearly $10.2 million. All three properties are currently 100% occupied.
The three properties are 831 Central Ave., a 21-unit garden apartment complex; Pingry Arms, a 52-unit mid-rise building at 606 Crescent Ave.; and Cornell Arms, a 62-unit complex at 735 Park Ave. The latter two buildings were sold as a single purchase to the same buyer. The buyers and sellers of the properties were not disclosed.
The Livingston, NJ-based Gebroe-Hammer Associates handled all three transactions. GH assistant vice president Steven Tenenbaum and executive vice president Joel Schwartz handled the two-property deal, while Tenenbaum was the sole officer for the single 831 Central sale.
"Plainfield has become an important segment of the New Jersey investment real estate market," says Kenneth Uranowitz, managing director for Gebroe-Hammer. New York Community Bank provided the new first mortgage for the property at 831 Central Ave. On the legal end, Gregory Molyneiux of Pluckemin represented the seller and Richard Kelin of the West Orange-based Feinstein, Raiss, Kelin and Booker represented the buyer.
For the joint acquisition, the first mortgage at market rate was obtained through Washington Mutual. Larry Raiss of Feinstein, Raiss, Kein and Booker represented the seller and Allan Popowitz of the Roseland, NJ-based Wolf, Block, Brach & Eichler represented the buyer.
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