PATERSON, NJ-River Plaza Realty LLC has acquired the Empress House, a 135-unit rental apartment complex here. The seller was UN Properties. Both are local investment groups.
The complex sold for "in excess of $12 million," according to Kenneth Uranowitz, managing director of the Livingston, NJ-based Gebroe-Hammer Associates, which put the deal together. The price was a number in the $90,000 per-unit range.
The financing for the sale involved a new first mortgage plus cash. For Gebroe-Hammer, an investment sales organization, the transaction was handled by area sales rep Jay Lombardo, along with vice presidents David Jarvis and Alan Lieberman.
"The Passaic-Bergen County area is a fast-moving segment of the northern New Jersey investment real estate market," Uranowitz says. The asset itself is an eight-story, all-brick building that is currently 100% occupied.
© 2025 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.
