BELLEVILLE, NJ—Transaction activity in EssexCounty, N.J.'s multi-family investment market continues toaccelerate, with the recent sale of a $3.77-million asset inBelleville arranged by Gebroe-Hammer Associates.The firm's market specialist team of vice presidentsNicholas Nicolaou and StephenTragash exclusively represented the seller and identifiedthe buyer.
The well-maintained 242 Washington Ave. complexis a five-story, elevator building, consisting of 36 studios, 9one-bedroom units and 6 two-bedroom units. With a brick,Tudor-style façade, the building recently underwent extensiverenovations, including updating kitchens, bathrooms and windows. Itfeatures 27 garages and laundry facilities and is within walkingdistance to shops, restaurant and the public library. Theproperty's location also offers easy access to major highways aswell as bridges and tunnels to New York City.
“This asset garnered considerable interest due to its primelocation in Essex County,” says Nicolaou. “It isless than 12 miles from the employment and entertainment hub ofManhattan and under five miles to Newark and Montclair. We expectthis level of investor demand in northern New Jersey multi-familyassets to continue throughout the fourth quarter of 2014 and wellinto 2015.”
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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].
