LIVINGSTON, NJ–Multifamily properties seem to be selling like hotcakes in Northern New Jersey.
In a market where almost half of the inventory was built before 1970, supply of for-sale product remains tight, as asking rents recently hit a 17-quarter streak of gains, according to Gebroe-Hammer Associates. Throughout the metro's seven distinct geographic submarkets, the Livingston, NJ-based firm has averaged two North Jersey sales per week in the last 90 days.
“As the economy heats up, rents and occupancy rates – particularly as they relate to class B apartment assets – are becoming even stronger,” says Ken Uranowitz, Gebroe-Hammer's president, who noted the firm's North Jersey market specialists have closed 24 deals totaling 1,147 units and more than $148 million. “Thanks to the metro's proximity to major employment centers, ease of major highway/mass transit access and lower rents as compared to New York City and its outer-borough of Brooklyn, tenants and investors are in hot pursuit of North Jersey's 223,000-plus total units.”
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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].
