"These buildings form a core part of this neighborhood," says Joel Schwartz, EVP of Gebroe-Hammer Associates, Livingston, who had the listing exclusive. "There is fierce competition for properties of this caliber in the Newark area."
Besides Schwartz as exclusive agent, Gebroe-Hammer EVP David Oropeza brought buyer Parkwood Realty to the deal. And Gebroe-Hammer SVP David Jarvis was also involved in the transaction. On the legal side, attorney Harvey Frefeld of Brooklyn, NY represented the seller, and Richard Kelin of Feinstein, Raiss, Kelin and Booker of West Orange represented the buyer.
"The recent surge in Newark's multifamily market is a vital part of the city's resurgence, with strong occupancy levels and increasing rents in many neighborhoods," says Gebroe-Hammer managing director Ken Uranowitz. "This property is unusually strong, and we have sold it twice in the past eight years because of its rapidly appreciating value."
Located at 352-376 Mt. Prospect Ave., each of the complex's seven buildings rises six stories, and each has an on-site parking garage.
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