Gebroe-Hammer arranges 3 multi-family sales for $9.2 million

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BELLEVILLE, NJ — In the Township of Belleville, where asking prices for multi-family properties continue to trend upward, Gebroe-Hammer Associates has arranged three trades totaling $9.2 million/108 units along Washington Ave. in the past 12 months.

The brokerage team of managing director Joseph Brecher and senior vice president Nicholas Nicolaou represented the seller and procured the buyer in the most recent transaction, the $4.375 million sale of 43 units at 574-582 Washington Ave.

The very well-maintained three-story building features a mix of 6 studio, 29 one-bedroom, 7 two-bedroom and 1 three-bedroom units.

Nicolaou also was involved in two other Belleville transactions. He, along with Stephen Tragash, senior vice president, represented the seller and identified the buyer in the $3.77 million sale of 242 Washington Ave. The five-story, 51-unit elevator building is comprised of 36 studio, 9 one-bedroom and 6 two-bedroom units.

Nearby, at 475 Washington Ave., Nicolaou closed the $1.115 million sale of 14 units to kick off the firm’s Belleville activity earlier last year. The three-story building, built in 1927, also has three ground-floor retail units.

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