LIVINGSTON, NJ–Gebroe-Hammer has turned a fast-moving pipeline of multifamily properties in Passaic and Bergen counties into more than $60 million in sales in the past 18 months. All of the transactions were handled by G-H's assistant vice president Debbie Pomerantz, who has closed $19.3 million of that total in the last quarter. Pomerantz has logged 20 transactions totaling 556 units in the densely populated Northern New Jersey counties during the past 18 months.
“Under Debbie's leadership, Gebroe-Hammer has emerged as the dominant investment brokerage firm in Paterson and Passaic, as well as the high-barrier-to-entry Bergen County market,” says Ken Uranowitz, president. “Clients value her persistence, in-depth market knowledge and creative deal-structuring abilities. She has emerged as the 'broker of choice' for many long-time owners and veteran investors seeking to market or acquire a property.”
During a recent 10-day timeframe, Pomerantz arranged four separate transactions involving multi-family properties in Hackensack, Teaneck, Edgewater and Paterson. Combined, the Bergen County transactions exceeded $11 million for 75 apartment-rental units. In Paterson, the Passaic County seat, Pomerantz also represented the seller and identified the buyer in the trade of 436 E. 36th St., which garnered a per-unit price of $90,000.
Just two towns away in Passaic and less than a month earlier, she closed on a $6.85 million deal involving 112 Park Place, a five-story elevator building. Other transactions orchestrated by Pomerantz throughout the city include the sale of 22 units at 110-120 Blaine St.; 18 units at 104-108 Willett St.; 21 units in adjoining buildings at 49 Third St. and 144 and 156 Passaic St.; and a 12-unit apartment complex at 458 Lafayette Ave. The four deals were closed within a six-month period.
“In Passaic, a large majority of households – between 50 – 75 percent – are renter-occupied. This is ideal for buyers who want to implement a value-add program to render their newly acquired properties even more competitive in the future,” says Pomerantz.
“The springboard for Debbie's brokerage success has been – and continues to be – Passaic County,” says Uranowitz. In addition to the City of Passaic, she has arranged several transactions throughout Paterson totaling 138 units. The properties, which range from garden-style to mid-rise complexes, are located on Godwin, Hamilton and Graham avenues, as well as Martin and E. 18th streets.
Pomerantz also actively represents clients whose interests extend beyond Northern New Jersey. In June, she identified the buyer of Shenandoah Village, a 72-unit luxury apartment community in Lakewood that sold for $12.25 million.
“Commercial real estate in Passaic and Bergen counties – and all of Northern New Jersey for that matter – continues to surge from an investment standpoint,” sasy Pomerantz, whose Bergen County deals include the $7.65 million trade of 33 units in Rochelle Park. “Municipalities within the most populous areas, including Paterson, Passaic and all of Bergen County, are not only at the top of every multi-family investor's wish list, they also have the shortest supply of for-sale product and, as a result, have the most aggressive bidding.”
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© 2024 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.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
