Gebroe-Hammer sees strong market in Elizabeth, Oranges

By Eric Strauss
North Jersey | May 21, 2019 at 7:15 am

It was a strong three-month stretch for Gebroe-Hammer Associates, as the real estate firm said it arranged 11 urban multifamily sales worth more than $36.85 million over the past 12 weeks.

The Livingston-based firm said the deals in Elizabeth, East Orange and Orange included more than 226 total units, with the largest transaction a $10.25 million trade of 40 fully-occupied residences at 737-745 N. Broad St. in Elizabeth, a newly constructed midrise. That deal was arranged by Greg Pine, executive vice president, and Stephen Tragash, senior vice president and Elizabeth market specialist.

“Elizabeth continues its ascent and investors continue to take notice — it is a city on the rise, mirroring a similar transformation that has yielded sweeping building-landscape changes and population demographic diversification in nearby Hudson and Essex counties,” Tragash said in a prepared statement.

Other deals included a $4.525 million deal for 43 units at 41 Main St. in Orange, as well as two deals exceeding $3 million: the $3.77 million trade of 24 units at Stephens Street Apartments in Belleville and the $3.5 million sale of 28 units at 100 Chestnut St. in Orange.

Eric Strauss | estrauss@roi-nj.com | acerimrat