West Bank Apartments trades in $19M off-market transaction arranged by Gebroe-Hammer

Nutley, NJ — Gebroe-Hammer Associates has built its multifamily investment brokerage business and reputation during the past 45 years on long-term client relationships – a practice that came into play recently when the Livingston-based firm arranged the $19M off-market sale of West Bank Apartments in Nutley. In the sale, Niko Nicolaou, executive vice president, along with Ken Uranowitz, president, exclusively represented the seller and original developer, Westbank Apartments LLC/Avalon Apartment LLC who built the 108-unit midrise in 1962, and identified and procured the buyer, River Gardens NJ LLC. “An active client of mine contacted me specifically about their interest in purchasing West Bank Apartments, which was not and has never been on the market. Because of Ken’s 40-plus year close relationship with the owner, we were able to successfully bring the parties together from offer to closing in less than 4 months – considering all the logistics, including but not limited to inspections by lenders, the municipality, etc., such a short time period is unheard of in this Covid-19 environment," said Nicolaou, who also noted the property was a natural fit for the buyer also noted the property was a natural fit for the buyer.

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