Search
 

MF Assets Move in Union, North Bergen

LIVINSGTON, NJ-The two transactions reflect investor demand for small-to-mid-sized properties.

By Alyson Grala | Updated on June 23, 2010

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.