243 South Harrison St. in East Orange — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A private investor has acquired a 76-unit apartment building in East Orange for nearly $12 million, under a newly announced transaction by Gebroe-Hammer Associates.
In a news release Friday, the firm said it represented Milrose 243 Harrison LLC in the sale of 243 South Harrison St. Built in 1962, the 10-story building is recently renovated and consists of all one-bedroom apartments, offering a location at the intersection of Interstate 280 and the Garden State Parkway.
Gebroe-Hammer Executive Managing Director David Oropeza also procured the buyer in the $11.6 million deal, noting that the building is a block from NJ Transit’s Brick Church station. He added that the property “is a prominent landmark along this important redevelopment and commercial corridor anchored by Brick Church Station.”
“The neighborhood — and South Harrison Street specifically — has a high concentration of on-the-books redevelopment projects underway that are contributing toward positive property-value appreciation and drawing new investors,” Oropeza said. “In turn, historically stabilized properties are being repositioned to attract today’s 20- to 30-something tenant base of working graduate students, post-bac grads and millennials.”
Gebroe-Hammer on Friday also announced the $1.26 million sale of 16 units at 1 Roosevelt Terrace in Irvington. Oropeza and Executive Vice President Niko Nicolaou represented the seller, a banking institution, and procured the out-of-state buyer, Billionaires Funding Group LLC.
Built in 1927, the property includes 12 one-bedroom and four two-bedroom layouts and is blocks from Newark’s West Ward.
“Roosevelt Terrace Apartments is in the heart of Irvington’s commuter-friendly Grove Street/16th Avenue neighborhood — an area on the cusp of smart growth that is gaining traction,” Nicolaou said. “Plans for revitalization are in full swing and Irvington is well poised to follow in East Orange and Newark’s footsteps in terms of its renaissance.”
