WESTWOOD, NJ–As ivestment sales continue brisk in northern New Jersey,Gebroe-Hammer Associates completed five recent trades – including the sale of a Westwood apartment building on the market for the first time in 45 years.
The Livingston-based firm said the batch of sales of apartment buildings and commercial units garnered a total of $11.4 million.
In Bergen County, the brokerage team of Ken Uranowitz, Greg Pine and Nicholas Nicolaou exclusively represented a long-time G-H client in the $4.3 million sale of 542-544 4th Ave. in Westwood. The two-building property is 27-unit, three-story brick garden-style apartment complex. It has a mix of one- and two-bedrooms, and traded for $160,000 per unit.
“This property is well-located within Westwood's quaint downtown business district, in an extremely high-barrier-to-entry market where very few properties ever come to market, and has experienced consistently strong occupancy levels,” said Pine.
The building is two blocks away from the Westwood Train Station, which offers direct service to Hoboken. Pine said the Bergen County suburban locale and direct commuter access is what attracted the buyer.
Also in Bergen County, the team of Pine and Debbie Pomerantz, represented the seller in the $865,000 trade of a 25-year-old office building at 155 North Washington Ave. in Bergenfield. The building has seven commercial spaces, occupied by professional services firms, including medical offices.
In Passaic, which is in Passaic County, Pomerantz arranged three transactions involving 75 units and with a total sale price of $6.2 million. The Bergen/Passaic County market specialist represented the sellers in the trade of 22 units at 110-120 Blaine St., 18 units at 104-108 Willett St., and 34 units and one commercial unit in adjoining buildings at 49 Third St. and 144 and 156 Passaic St.
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