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  • Revival sparks new per-unit price of $257

Gebroe-Hammer Associates sells 245 units for $31.7 million along East Orange/Newark Corridor

Fast Orange/Newark, NJ — The dynamic revival at the Crossroads of New Jersey – where East Orange and Newark converge – is energizing multi-family investment velocity and sales benchmarks throughout these two cities where Gebroe-Hammer Associates recently arranged three separate sales totaling $31.7 million for four buildings and 245 units. David Oropeza, executive managing director, spearheaded the sales, which involved the trade of 26 units at 742 Park Ave., in East Orange and a new $257,692 per-unit-price benchmark for the municipality. In addition to the Park Avenue property, Oropeza exclusively represented the seller in the trades of 25 Van Velsor Pl., and 103 Chancellor Ave., both in Newark, as well as the sale of 110 Halsted St., in East Orange, which garnered a $201,785 per-unit-price. Senior Vice President Debbie Pomerantz procured the buyer in the sale of the Park Avenue and Newark properties, which occupy one city block along Chancellor Ave., between Van Velsor and Parkview Terrace.

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