BELLEVILLE, NJ—Transaction activity in Essex County, N.J.'s multi-family investment market continues to accelerate, with the recent sale of a $3.77-million asset in Belleville arranged by Gebroe-Hammer Associates. The firm's market specialist team of vice presidents Nicholas Nicolaou and Stephen Tragash exclusively represented the seller and identified the buyer.
The well-maintained 242 Washington Ave. complex is a five-story, elevator building, consisting of 36 studios, 9 one-bedroom units and 6 two-bedroom units. With a brick, Tudor-style façade, the building recently underwent extensive renovations, including updating kitchens, bathrooms and windows. It features 27 garages and laundry facilities and is within walking distance to shops, restaurant and the public library. The property's location also offers easy access to major highways as well as bridges and tunnels to New York City.
“This asset garnered considerable interest due to its prime location in Essex County,” says Nicolaou. “It is less than 12 miles from the employment and entertainment hub of Manhattan and under five miles to Newark and Montclair. We expect this level of investor demand in northern New Jersey multi-family assets to continue throughout the fourth quarter of 2014 and well into 2015.”
Correction, 11/21/2014 1:19pm: A previous version of this article was datelined "Livingston, NJ" which is the headquarters city of Gebroer-Hammer, not Belleville, NJ, where the property is located. GlobeSt.com style is to dateline the story from the city where a property involved in a deal is located. A caption identifying the property location as Livingston has also been corrected to Belleville.
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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].
