EAST ORANGE, NJ—The recent sale of 44 luxury rental apartments at 75 Prospect Street in East Orange, NJ has set a new, all-time-high price-per-unit benchmark within one of the state's hottest urban multi-family submarkets.
Gebroe-Hammer Associates brokered the $11.25 million sale of the property, known as the “Castle on Prospect.” Managing director David Oropeza, the firm's urban market specialist, exclusively represented the seller, identified by Real Capital Analytics, a proprietary research database, as East Orange-based KEC Properties.
Oropeza also procured the buyer, who was identified only as a long-time client and veteran East Orange investor. The transaction yielded a $250,000 per-unit price. From contract to closing, the trade was finalized within a three-week timeframe.
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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].
