430 Union Ave. in Hackensack — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Nearly 150 apartments have changed hands in Bergen and Passaic counties, following three sales totaling $22.6 million in value announced this week by Gebroe-Hammer Associates.
The firm said it represented the sellers and procured the buyers in all of the deals, which involved five properties in Hackensack, Fairview and Passaic. They include:
- $18 million for 115 units at Regency Apartments, a complex at 50 and 46 Anderson St., and Park Lane Apartments at 430 Union Ave., both in Hackensack
- $2.45 million for 47 Bergen Blvd., a 12-unit property in Fairview
- $2.15 million for 23-25-27 Jackson St., an 18-unit garden complex in Passaic
The brokerage team of Executive Manager Director David Oropeza and Senior Vice President Nicholas Nicolaou, along with Executive Vice President Greg Pine, arranged the Hackensack sale. Senior Vice President Debbie Pomerantz orchestrated the two sales in Fairview and Passaic.
In Hackensack, Gebroe-Hammer touted the properties’ location near Anderson Park and within steps of NJ Transit’s Anderson Street/Union Avenue bus stop. Collectively, the midrise buildings have elevators and feature a mix of layouts ranging from one- to four-bedrooms.
“As the recent recipient of a New Jersey Smart Growth Award, Hackensack is currently in the midst of a renaissance targeting the downtown district that will bolster its population density, which is already extremely high in the Bergen County seat,” Nicolaou said. “In addition to extensive residential redevelopment, public initiatives such as the Atlantic Street Park and transit-village designation are paving the way for even greater residential migration to a small city — outside of New York City — where the residential housing stock is dominated by multi-family and the apartment-rental lifestyle is king.”
Pomerantz said the Fairview property was built in 1989 and has an all-brick façade, with proximity to a grocery store, diner, schools and several bus stops.
“This area of the municipality stands out for its high concentration of bus lines, which about 20 percent of the population ride to get to work,” Pomerantz said.
The Passaic complex features a mix of one one-bedroom, 13 two-bedroom and four three-bedroom layouts, according to a news release. The building was constructed in 2002 and is close to the major thoroughfare of Route 21, while sitting 12 miles from New York City.