UNION CITY, NJ-Gebroe-Hammer Associates has sold two northern New Jersey mixed-use properties with a combined value of $6.7 million. One trade involved an apartment/office property here; the other was a retail/office property in Elizabeth.
The Union City property at 812 New York Ave, possessing 34 rental units and one office space sold for $6 million. That factors out to about $180,000 per-apartment unit, according to G-H's Nicholas Nicolaou, who represented both sides in the trade.
“This was the seller's only property, acquired several years ago as a planned condominium conversion,” Nicolaou tells GlobeSt.com. “Since the owner was unable to complete the repositioning, due to ever-evolving market conditions, it was subsequently marketed for sale and the buyer seized the opportunity to expand his portfolio with a stable asset.”
Nicolaou said there is strong investment demand in Hudson County, but a lack of for-sale product. “This offering was on the market for less than 30 days and drew tremendous interest, as the sale price suggests,” he added.
Similarly, the 134 Elmora Ave. property in Elizabeth sold in less than two weeks. The all-cash transaction was arranged by Stephen Tragash, who represented the seller, an out-of-state, long-time owner. The two-story property's ground-floor retailers are Edible Arrangements and Elmora Jewelers, with an office unit on the second floor.
“While exclusively representing the seller, we were able to identify the buyer, who was able to act immediately,” said Tragash. “This rapid closing is an indication of how quickly many properties are changing hands in today's market.”
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