Gebroe-Hammer reports $458.79M in multifamily sales in first half of 2020

Gebroe-Hammer Associates announced on Thursday it had strong multifamily sales in the first and second half of the year even as the COVID-19 pandemic essentially shut down the state.

According to the Livingston-based investment brokerage, the first half of 2020 yielded 33 deals sold for $458.79 million.

“We swiftly adjusted our sails in February, followed by additional modifications in March, April, May and even June, to support our market specialists and their response to never-before-encountered situations during COVID-19’s most severe period,” President Ken Uranowitz said. “These benchmarks speak to our company’s ability to go into the unknown with eyes wide open and draw on the vast experiences of our team – a majority of whom average over 20 years with our company – in order to address new scenarios. These unprecedented times called for creativity and tenacity – and Gebroe-Hammer is delivering.”

Between April and June, the firm arranged 290 deals that sold for $57.5 million in North and Central Jersey and 1,075 units in the Philadelphia/South Jersey region for $61.1 million. The properties were located throughout East Orange, Woodbridge, Hackensack and North Hudson County.

Notable transactions:

  • $25.6 million sale of Hamilton House in Weehawken;
  • $3.81 million sale of 24 units in Hackensack;
  • $21.3 million sale of 72-unit portfolio in Avanel and Colonia.

“The benefit of being in business for the past 45 years and persisting through many cyclical shockwaves gives us a unique advantage in our capabilities and experience in closing deals – even in this unprecedented and challenging period we are currently going through,” Uranowitz said. “As businesses and the industry gradually reopen, Gebroe-Hammer Associates is already anticipating next-phase property owner and investor needs and shifting our business practices accordingly to market properties and continue closing deals.”