24-Unit Apartment Building Sells for $3M

PATERSON, NJ-The 24-unit, four-story apartment building at 19 Park Ave. here has been sold for $2.5 million. At approximately $89,000 per unit, it’s said to be one of the highest-priced per-unit sales in this city.

Brokers from Gebroe-Hammer Associates, Livingston, represented both sides in the deal, with sales associates Jay Lombardo and Michael Petrak, and EVP David Oropeza all involved. Lombardo procured buyer Family Realty LLC, and Oropeza represented the seller, 19 Park Avenue LP.

“Part of what makes the property unique for Paterson is that all of its units are two-bedroom apartment,” Lombardo says. “Family Realty was looking to upgrade its Paterson portfolio. They plan several improvements.”

Lombardo and Petrak were recently involved in another residential sale here, the $1.1-million deal for the 12-unit building at 167 E. 31st St. That one came in at $92,500 per unit, another high number for this city.

“The preponderance of high-priced deals in Paterson shows that people see the potential value of its multifamily market,” says Gebroe-Hammer managing director Ken Uranowitz. “The city is very densely populated, and quality properties stay consistently full.”