HACKENSACK, NJ-Brokerage firm Gebroe Hammer Associates reports it has arranged two multi-family investment deals that involve the sale of three apartment complexes in Bergen County for a combined $10.25 million.
The three properties total 78 units and are located in Hackensack and Palisades Park. Gebroe-Hammer's Greg Pine, senior vice president, and Nicholas Nicolaou, vice president, exclusively represented the seller and identified the buyer in the sale of 50 Anderson St. and 430 Union St., both in Hackensack. The 29-unit and 37-unit mid-rise buildings traded for a total of $8.65 million. Company president Ken Uranowitz of the Livingston-based brokerage firm originally sold those properties to the seller back in 1984. The seller and the buyer were not identified.
“With interest rates at all-time lows and demand at record levels, especially in high-barrier locations, the seller chose to capitalize on healthy multi-family investment fundamentals,” states Pine. “Hackensack, and its designation as the county seat and an epicenter of business, is attracting even greater investment demand thanks to strong occupancy rates and competitive rents.”
The second Bergen County transaction involved the $1.6-million sale of the two-story, 12-unit Palisades Manor in Palisades Park. Pine and Uranowitz exclusively represented the seller and procured the buyer, both long-time clients of the brokerage firm.
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