The seller required G-H to find a replacement property to allow for a 1031 Exchange tax deferral before a sale could occur. Uranowitz set up the purchase of 22-24 and 27 St. Luke's Pl. in Montclair for $4.675 million, satisfying the seller's prerequisite.

The Montclair property includes a four-story, elevator apartment building and a large, two-bedroom single-family residence directly across the street. The home has a 19-space parking lot for tenants of the rental complex. The property is within walking distance of the Montclair Museum, Whole Foods Market, restaurants and shops.

“The out-of-state seller, who owned the property for 28 years and is a veteran multi-family investor, felt the timing was right for a disposition due to favorable market conditions,” said Uranowitz. “While the seller of the Montclair building was able to maximize the return on his original investment, the Bloomfield seller successfully completed the back-end of the Exchange by adding a high-quality, high-performing multi-family asset to his portfolio.”

In a second Bloomfield transaction, Uranowitz also arranged the $1.7 million sale of 42 Park Ave., located between Bloomfield Avenue and Broad Street. This was the second time in four years that the 38-year firm veteran sold the three-story all-brick 22-unit property.

Situated in the northeastern part of Essex County, on the border of Passaic County, Montclair and Bloomfield are popular commuter hubs. Major mass transit links include the Garden State Parkway, NJ Transit Montclair-Boonton Line to Hoboken Terminal and Midtown Direct trains to Penn Station in Midtown Manhattan via Secaucus Junction and an extensive system of NJ Transit bus lines.