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Gebroe-Hammer Closes MF Deals in Elizabeth

ELIZABETH, NJ-'Well-maintained, mid-sized properties here are in demand among investors because they have been virtually unaffected in terms of occupancy and rental rates by the current economic conditions,' says the firm's Ken Uranowitz.

By Alyson Grala | Updated on March 22, 2010

ELIZABETH, NJ-Multifamily investments of small-to-mid-sized buildings are on the rise here, mirroring the city’s renewal as a highly favored community in which to live, work and enjoy leisure activities, according to Gebroe-Hammer Associates of Livingston. The firm recently closed three transactions in the city, the latest of which was the $1.55 million trade of 21 units located at 204 Westfield Ave., near downtown.

“Investors are very actively seeking top-quality multifamily properties throughout Elizabeth because of the community’s solid working-class tenancy, high foot traffic and unique sense of a suburban community within what is actually New Jersey’s fourth largest city,” says the firm’s sales associate and area specialist Stephen Tragash. “Apartment building owners, many of whom have held properties in the area for generations, realize the time is right to sell. This is because interest rates remain low, the willingness of lenders to finance multifamily investments due to their proven long-term performance and a looming change in the capital gains tax at year-end.”

Owned by the same family for 25 years, Gebroe-Hammer served as the exclusive broker for the Westfield Avenue property, which offers a mix of one- and two-bedroom units. In addition to representing the seller, Tragash procured the buyer, a longtime client whose portfolio includes other buildings throughout Union County. To finalize the transaction, Gebroe-Hammer also negotiated the modification of a ground-lease agreement with Conrail, which owns adjacent land, for parking facilities.

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