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MONTCLAIR, NJ-Gebroe-Hammer Associates has orchestrated the $3-million sale of 28 Gates Ave., a 29-unit apartment building that had been owned by the same family since 1944. The firm’s managing director, Ken Uranowitz, represented the seller, a long-time client of Gebroe-Hammer, and landed the buyer, 28 Gates LLC.

Smaller multifamily properties are garnering interest even in the current iced-up financing market. “There is a very high level of demand for properties of this size and location among investors, many of whom are seeking to take advantage of today’s low interest rates,” says Uranowitz in a statement. “There also is a preference among lenders to finance this type of non-volatile commercial real estate investment.”

Meanwhile, owners realize now is an opportune time to dispose of properties. “They know that the timing is right to sell, especially with an anticipated upward change to the capital gains tax law,” Uranowitz notes.

Located near the town’s main commercial zone, the four-story walk-up features 21 one-bedroom and eight two-bedroom units. All units will undergo an upgrade. According to Gebroe-Hammer, the area’s average rental rates are $1,050 for a one-bedroom and up to $1,450 for two-bedroom units. Legal counsel was provided by Richard Stewart of Lasser Hochman in Roseland and Stacy Santola of Orange on behalf of the seller and buyer, respectively.

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