BOGOTA, NJ-East Fort Lee Road Corp. has sold 44 multifamily units at 112-128 East Fort Lee Rd. here for $3.6 million, according to Gebroe-Hammer Associates, which represented the seller and identified the buyer, a Gebroe-Hammer client.
East Fort Lee Road Corp. has owned the building for more than 50 years, and retained Gebroe-Hammer after another firm was unable to sell the property. The deal was arranged in 75 days.
“The East Fort Lee Road property was a very unique opportunity for the buyer to acquire a mid-rise complex as part of an estate sale in the heart of Bergen County,” says Greg Pine, SVP of Livingston, NJ-based Gebroe-Hammer, in a statement. “Investors are typically drawn to these types of properties due to the area’s strong working-class family demographic, proximity to employment centers like New York City and access to mass transit links and the area’s highway infrastructure, all of which support steady occupancy rates.”
The three-and-a-half-story apartment building features nine studio, 30 one-bedroom and four two-bedroom units. The building is near six NJ Transit bus lines, Interstate 80 and Route 4. Prices on other multifamily buildings for sale in Bergen County range from $550,000 for a 4-unit building in Ridgefield Park to $1.3 million for a five-unit building in Cliffside Park.
“With very few--if any--new multifamily construction starts in Bergen County, and soaring demand among young professionals, couples and families for quality apartment-rental living, investors are vying for the ‘rare’ properties that do come to market,” says Ken Uranowitz, managing director, in the statement. “Because of the supply/demand gap, low-interest-rate environment and near-100% occupancy rates in Bergen County, long-time owners are opting to sell their suburban and urban garden, mid- and high-rise apartment buildings and complexes at prices and cap rates similar to that of just a few years ago.”
Legal counsel was provided by Marcel R. Plaut, Esq., of West New York, NJ, and Joseph F. Behot, Esq., of Sokol, Behot & Fiorenzo in Hackensack, NJ, on behalf of the seller and buyer, respectively.
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