LIVINGSTON, NJ-Gebroe-Hammer Associates recently closed two separate New Jersey transactions involving a total of 25 units, which traded for $1.26 million in Union City and North Bergen. The locally based firm was the exclusive broker representing the seller, IAK LLC, and procured the two buyers, both of which are longtime clients of the firm. Greg Pine, senior vice president, engineered both transactions.

“Investors are aggressively pursuing well-maintained small-to-mid-sized multifamily properties, in order to complement their existing portfolios in working-class neighborhoods, such as Union City and North Bergen, where a significant number of residents commute to employment centers like New York City and Jersey City,” managing director Ken Uranowitz tells GlobeSt.com. He noted that 17% of Union City residents and 21% of North Bergen residents are employed in Manhattan. “The seller sought to dispose of these properties for economic reasons, recognizing that current interest rates and capital gains rates will soon be headed north," he adds.

In Union City, Pine and Gebroe-Hammer vice president Scott Callahan repped the seller and procured the buyer in the $705,600 sale of 14 units at 201 37th St. Featuring a mix of studio, one- and two-bedroom layouts, the corner two-story building, located one block from Union Hill High School, is situated between John F. Kennedy Boulevard and Park Avenue.