The sale of the two properties, totaling 1,809 fully occupied residential units and 30,000 sf of retail space, was arranged by the firm's executive vice president Joel Schwartz and vice president Joseph Brecher. The buyer and seller were not identified, and the transaction was completed with new financing.
In another deal, Schwartz, managing director Kenneth Uranowitz and area sales rep Jay Lombardo teamed to arrange the sale of the 404-unit Branch Brook Gardens in Belleville, NJ. The sale price of $40 million factors out to just over $99,000 per unit. The buyer and seller were once again not identified, although the buyer completed the deal with a new first mortgage from a New York bank.
Also part of the activity was the sale of 214-222 Kipp Ave. in Hasbrouck Heights, NJ, which was sold by its original owner and builder. The 22-unit residential property fetched $2.5 million in a transaction arranged by G-H assistant vice president Greg Pine.
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