Once known as the “Silk City” and claiming a significant waterfall and park system, Paterson has direct access to I-80 and Routes 4, 19, and 20. Routes 46, 3, 17, 21, 208 and the Garden State Parkway are all nearby.

Record-low interest-rates and attractive prices make the Paterson’s multifamily properties “highly appealing” to investors, Pomerantz said.

In one of the recent trades, G-H exclusively represented the seller in a $600,000 short sale, in conjunction with the lender, a prominent New York bank. Pomerantz identified the buyer for the three-story, 27-unit building at 42-52 Essex St., which is set in a residential neighborhood close to shopping and transportation.

Also, Pomerantz exclusively represented the seller and procured the buyer in the $985,000 all-cash sale of 16 units at 58-60 17th Ave. That building includes a mix of nine one-bedroom and seven two-bedroom units. “The fully rented building is well managed and also is located in a quiet, residential area. The buyer recognized the long-term investment potential of this building and didn’t hesitate to add the property to his portfolio,” said Pomerantz.

Average rents for the one-bedroom units are about $775 at the 17^th Avenue building, and about $900 for the two-bedrooms.

The third recent transaction was the sale of six units at 472 10th Ave for $100,000.

Previous multifamily sales in the six-month period include the note sale of a 46-unit, nine-building portfolio to a private investor on behalf of a prominent New York bank and the $1.05 million sale of 16 units at E. 26^th Street.

In nearby Passaic, the brokerage team of Pomerantz and Sale Associate Nicholas Nicolaou also arranged the $4 million trade of Seville Apartments, a five-story, 46-unit midrise building, which was fully occupied at the time of sale.

Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia.