CALDWELL, NJ-Gebroe-Hammer Associates has arranged the sale of two Essex County apartment properties that were in each case held by long-time owners with lengthy relationships with G-H's president and the firm. Both buildings were just off the Bloomfield Avenue business artery, one in Caldwell and the other in Montclair.

In the Caldwell transaction, the 27-unit complex at 40 Roseland Ave. traded for $4.3 million. Ken Uranowitz and David Jarvis exclusively represented the seller, in what Uranowitz says was a unique off-market deal. “The seller was a private individual I have known for 27 years,” Uranowitz tells GlobeSt.com.

The deal marked a unique personal milestone for Uranowitz, too: He has now sold every garden complex over 18 units located on Roseland Avenue over the course of his during his 38-year career - including twice selling the building next door, 48 Roseland Ave.

“The sale was structured with the seller holding a long-term first mortgage plus the buyer's cash investment,” says Uranowitz. “Because of our long-standing relationships with both buyer and seller, we were able to bring them together and complete the transaction, from offer to closing, in just 30 days.”

The two-story brick building, built in 1970, has 18 one-bedroom and nine two-bedroom apartments that are fully occupied. There is tenant parking in the rear.

In Montclair, Uranowitz teamed with Jarvis to sell the four story, 22-unit elevator building at 9-11 Seymour St. for $3.655 million. That factors out to more than $166,000 per unit. Uranowitz noted.

He represented the second generation private owner and Jarvis found the buyer. The building has 18 one-bedroom and four two-bedroom units, and is adjacent to a municipal parking lot with available permit parking.

“The Montclair property had been owned by the same family since 1959, whom I've known since my very first days in the business back in 1975, and this was the first time it had become available for sale,” said Uranowitz. “Indeed, both of these properties had many-decades-long ownership in which each seller decided to capitalize on extremely favorable market conditions”.

“Available product opportunities are few and far between, and voracious demand is surging to a point where it is way outstripping supply,” he said.

Livingston-based G-H handles sales of both suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. It also markets mixed-use and free-standing office and retail properties.

Instant Insights /

Gebroe-Hammer: Strong Ties, Sweet Deals

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