JERSEY CITY, NJ-In three separate transactions arranged by Greg Levey, assistant vice president of the Livingston, NJ-based Gebroe-Hammer Associates, five multifamily properties totaling 158 units sell for a combined $7 million. The buyers and sellers, who were not identified, are various local investor groups.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.