LIVINGSTON, NJ — Known for coming in like a lion, March went out with a boom with almost $100 million in multi-family transactions arranged by Gebroe-Hammer Associates. The 13 trades involved a total 816 units located within the Northern and Southern New Jersey/Philadelphia corridor, extending from Sussex to Bucks County.
“The multi-family investment trading pace continues to be unprecedented, which is atypical for the first quarter of the year,” said Ken Uranowitz, Gebroe-Hammer president and a 40-year multi-family brokerage veteran. “It is expected The Federal Reserve will slowly raise interest rates sometime this summer, albeit at a mild pace, which is only contributing to the record velocity.”
Key transactions closed during the final two weeks of March included the:
• $11.2 million trade of 80 units in Morris County arranged by managing director Joseph Brecher and senior vice president Stephen Tragash
• Representation of the seller and buyer by managing director David Oropeza and executive vice president Greg Pine, respectively, in the sale of 65 units at Scotland Gardens, located at 754 Scotland Rd., in Orange
• Bergen County sales of 21 units and one house at 197 Lafayette Ave., in Englewood and 14 units at 221-227 Union St., in Lodi, orchestrated by Pine and vice president Debbie Pomerantz, as well as the trade of 11 units closed by Pomerantz at 980 River Rd., in Edgewater
• Disposition of 20 units at 65 Headley Terr. in Irvington arranged by executive vice president David Jarvis
• Four-building sale of 25 units on Forest and Grant avenues in Jersey City closed by Senior Vice President Nicholas Nicolaou
• Team of Tragash and Pine repping the seller and buyer in the $1.4 million sale of nine residential units and five commercial units at 811 Main St., in Boonton
• Four separate property sales involving 564 units at undisclosed addresses within the South Jersey/Philadelphia MSA