Three of the properties, 145 Belmont Ave., 25 Gifford Ave. and 158-160 Bergen Ave., sold as a package for approximately $5 million for the 93 units. The buyer obtained a new first mortgage at market-rate terms, and after five days of due diligence the buyer and seller agreed to delay the closing for three months in order to find a 1031 tax exchange, according to Levey.
In the second transaction, the 48-unit mid-rise property at 151-161 Christopher Columbus Dr. here traded for approximately $1.5 million. Financing involved all cash with no mortgage contingency. Gebroe-Hammer SVP Joel Schwartz assisted in the transaction. Finally, the 17-unit, four-story asset at 54 Linden Ave. traded for $676,000 in an all-cash deal with no mortgage contingency.
"We have been selling multifamily housing in such cities as Jersey City, and many others, over the past few years," says Gebroe-Hammer managing director Kenneth Uranowitz. "These latest sales are indicative of the confidence of investors in quality urban properties."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.