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Gebroe-Hammer Seals Four Sales in a Week

LIVINGTON, NJ-Gebroe-Hammer recently completed the sale of four properties in a week for a total of $10 million.

By Maria Wood | Updated on October 15, 2009

LIVINGSTON, NJ-Gebroe-Hammer Associates recently completed the sale of four properties in a week for a total of $10 million. The deals involved seven buildings with 130 multifamily units and three retails shops in Essex, Union and Hudson counties.

“Properties within the 18- to 75-unit range are the backbone of the multifamily investment market right now,” says Ken Uranowitz, managing director of locally based Gebroe-Hammer, in a statement announcing the deals. “Northern New Jersey is a hotbed of investment activity due to the high concentration of existing multifamily properties as well as a tenant base primarily comprised of young professionals whose lifestyle needs are driven by location and proximity to New York City and other key urban centers.”

In the largest trade, a long-time client of the firm paid $5.1 million for three properties in Union City located at 2100-2102 and 2104-2110 Kennedy Blvd., as well as 928-930 21st St. Uranowitz, along with Scott Callahan, vice president, represented the seller, a New Jersey-based investment group.

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