Brokerage firm Gebroe-Hammer Associates recently announced four transactions totaling $18.35 million throughout East and West Essex.
The transactions were arranged by Gebroe-Hammer’s President Ken Uranowitz, managing director David Oropeza, executive vice president David Jarvis, senior vice presidents Stephen Tragash and Nicholas Nicolaou, and managing director Joseph Brecher.
Full transactions are listed below:
Oropeza closed the sale of Hillcrest Court at 168 Prospect St., East Orange; a 45-unit building built in 1960.
Jarvis and Tragash represented the seller of 65 Headley Terrace, Irvington; a 20-unit property near Route 19.
Jarvis also contributed to the sale of 75 Martin Luther King Blvd., Newark; a four-story property 1.4 miles from Newark Broad Street.
Uranowitz, Brecher and Nicolaou represented the seller and secured the buyer of 76 units in the West Essex submarket.
“Over the next five years, New Jersey is expected to become home to even more young adults and empty-nesters seeking apartment-style living,” Nicolaou said. “For long-time owners, it’s a good time to consider a property disposition. Demand for existing Class B properties throughout the entire northern New Jersey metro is reaching new benchmarks as the ‘gap’ between inner city complexes and outlying suburbs is closing thanks to the surge in infill locales.”
Gebroe-Hammer said the East and West Essex submarkets have an average asking rent of $1,490.