LIVINGSTON, NJ-Multifamily sales have stayed brisk over the first two months of 2012 in New Jersey’s northern counties, where Gebroe-Hammer Associates is averaging one deal per week. The firm’s brokers recently recorded seven separate transactions, involving a total of 138 units sold for $8.34 million, in Bergen, Essex, Hudson and Union counties.
“Northern New Jersey remains a vastly in-demand, competitive market for multi-family investments because of the region’s sheer number of units and strong occupancy rates that consistently outpace the national average,” says Ken Uranowitz, managing director for Livingston-based Gebroe-Hammer.
Uranowitz said the commuter-hub corridor extending from Union County to Bergen County has had unwavering appeal to locally-based individual investors as well as regional and national companies. In the post-recession era, he adds, “Investors are also competing vigorously for ‘turn-around’ opportunities that allow them to purchase notes at discounts well below the collateral’s market value.”
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 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.
