Three Bergenfield buidings sell for total $6.6M, Gebroe-Hammer says

By Eric Strauss
Bergenfield | Oct 2, 2017 at 11:40 am

Gebroe-Hammer Associates has arranged a $6.6 million sale of three buildings in Bergenfield, the real estate brokerage announced Monday.

The three properties, at 1 Murray Hill Terrace and 111 and 117 S. Washington Ave., include a total of 36 multifamily units, three commercial units and a single-family home, Gebroe-Hammer said in a news release.

Executive Vice President Greg Pine and Senior Vice President Nicholas Nicolaou represented the seller, Lisalene Properties LLC, and procured the buyer, a private investor.

“Tucked into central Bergen County, Bergenfield has an enviable combination when it comes to multifamily investments: a college-educated population where about one-third are renters and the apartment housing stock is the equivalent, in terms of percentage,” Nicolaou said in a prepared statement. “Rounding out its attraction are good schools, a thriving commercial district with quaint shops and outstanding dining and very walkable neighborhoods.”

The largest of the three properties is 1 Murray Hill Terrace, a three-story building at the corner of Murray Hill Terrace and East Clinton Avenue with 27 units including studios and one- to three-bedroom apartments.

The buyer is planning a repositioning of the properties, Gebroe-Hammer said.