In the larger of the two deals, the two-building complex at 403 Prospect Ave. in Hackensack has traded for $4.35 million. For the 38-unit property, that number factors out to almost $114,500 per unit. Pine had the exclusive on behalf of the seller, who was not identified, and procured the buyer, Passaic-Prospect LLC, a local Bergen County investor.
"The deal involved several months of negotiations in order to resolve a number of issues, including the replacement of a retaining wall," Pine says. Post-sale, "the buyer is planning substantial upgrades to the property, which was 100% occupied at the time of closing."
In the transaction, attorney Mitchell Abrahams of Cole, Schotz, Meisel, Forman & Leonard in Hackensack represented the buyer on the legal side. The seller was represented by Frank Leanza of Leanza & Agrapidis of Hasbrouck Heights.
In the second sale, 11 Massey St., a 30-unit building in Lodi, was sold for $3.14 million, or nearly $105,000 per unit. Gebroe-Hammer had the exclusive listing on behalf of seller Chipner Associates of Lodi, the original building and owner of the 34-year-old property. The buyer was described as "a long-time Gebroe-Hammer client." Attorney Joseph Behot of Hackensack represented the buyer. Chipner Associates was represented by in-house attorney David Kahan.
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