Gebroe-Hammer arranges $2.9M transaction marking entry of NYC-based partnership into Union County

In a transaction arranged by Gebroe-Hammer Associates and announced on Monday, New York City-based developers GZL Real Estate and the Chars Group have acquired a one-acre parcel at 655 Pennsylvania Ave. in Elizabeth.

Gebroe-Hammer Executive Vice President Stephen Tragash exclusively represented the seller and arranged the $2.9 million sale on behalf of the collaborative partnership.

Acquired as a strategic investment for future development, the Elizabeth property marks GZL Real Estate and the Chars Group’s initial entry into Union County and the joint venture’s 10th acquisition in New Jersey.

In addition to Elizabeth, portfolio properties are located throughout the North Jersey strongholds of Hudson, Essex and Passaic counties. The asset is approximately 10,000 square feet and currently occupied by an office, showroom and 100-space parking lot for Preferred Auto Sales, a preowned auto dealership.

“Since 2020, GZL and Chars have been expanding their portfolio holdings to include assets throughout the North Jersey metro, due to the market’s strong fundamentals and positioning as an extension of New York City as well as its extensive highway and transit network,” Tragash said. “The buyer plans to maintain the cash-producing site as-is for the foreseeable future, with the possibility of future development.”

Situated across the street from New Jersey Transit’s Elizabeth North Station, offering 28-minute rail service to New York City via Newark Liberty International Airport, Newark Penn, Secaucus Junction and New York Penn stations, the property is at the heart of Elizabeth’s Urban Enterprise Zone. The avenue also runs parallel to Newark Avenue (Route 27), a major arterial roadway connecting North Broad Street and Frelinghuysen Avenue, and offers 2-mile proximity to Newark Airport, Port Elizabeth, the Goethals Bridge and the Mills at Jersey Gardens, New Jersey’s largest outlet and value retail center, with 200-plus stores.

“Northern New Jersey is an important hub of New York City, which has been the catalyst for our expansion within this market,” GZL Real Estate’s Benjamin Katz said. “Given the market’s strategic location, the third-largest population density in the U.S. and long-term fundamentals that are propping up the market, we are pleased to expand our holdings to include the 655 Pennsylvania Avenue investment property.”

Katz also noted, “Elizabeth is one of Northern New Jersey’s primary cities on the rise and we are grateful to Steve, who has earned the title of go-to broker-of-choice here, for bringing this opportunity to us.”