PASSAIC, NJ-Two investment properties, one all-residential the other mostly residential with three retail units, have been sold for a combined total of more than $3 million. The sales, involving one buyer and two sellers, were arranged by Jay Lombardo of the Livingston-based Gebroe-Hammer Associates. Identities of the buyer and sellers were not disclosed. Financing involved a new first mortgage over cash for each.
The deals involve the mid-rise buildings at 193 President St. and 193-197 Parker Ave. here, each selling for more than $1.5 million. And while both properties are currently 100% occupied, the new owner plans some upgrades, according to Lombardo. The four-story building at 193-197 Parker, owned by the same family for more than 90 years prior to the sale, is comprised on 25 apartments. The President Street property is made up of 17 apartments and three retail stores.
On the legal side, attorney Joseph Pojanowski of Clifton represented the seller of the President Street property; the attorney for the seller of the Parker Avenue property was Frank Carlet of the law firm of Carlet, Klein & Zaretsky, also of Clifton. The buyer of both properties was represented by attorney Pat DeMarco of North Haledon.
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