742 Park Ave. in East Orange — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Nearly 250 units in East Orange and Newark have changed hands for a combined $31.7 million, in a trio of investment sales brokered by Gebroe-Hammer Associates.
The firm on Tuesday announced the three deals, which involve four properties:
- 742 Park Ave. in East Orange (26 units)
- 25 Van Velsor Place and 103 Chancellor Ave. in Newark (191 units)
- 110 Halsted St. in East Orange (28 units)
David Oropeza, executive managing director with Gebroe-Hammer, represented the seller in the $6.7 million trade of 742 Park Ave., which equates to a benchmark of $257,692 per unit. He said the newly built, three-story property includes a mix of units ranging from studios to two-bedrooms, with high-end finishes and amenities.
Oropeza also represented the seller in the $19.35 million sale of the 191 units in Newark— known as The Normandie — and the $5.65 million sale of 110 Halsted St. in East Orange, according to a news release. The latter deal translated to a $201,785 per-unit-price.
Senior Vice President Debbie Pomerantz procured the buyer in the sale of the Park Avenue and Newark properties, which occupy one city block along Chancellor Avenue, between Van Velsor and Parkview Terrace.
“East Orange and Newark are garnering a lot of attention lately for their urban-renewal initiatives, at the core of which is each city’s multi-family housing stock — both existing and newly developed,” Oropeza said. “These revitalization efforts didn’t just happen overnight. They have been fed by a wide range of factors, including visionary multifamily investors who aggressively pursued value-add and development opportunities over the course of many years that are now coming to fruition.”
In East Orange, Gebroe-Hammer said 110 Halsted St. is one of two three-story buildings on the street delivered to market in the past year. The brokers touted the city’s mass transit and highway access.
The firm identified the sellers of the Park Avenue and Halsted property sellers as 742 Park Avenue West Urban Renewal LLC and ABS9 110 Halsted LLC, respectively. The respective buyers were Nova Appian LLC. and Saket Properties & Management LLC.
In Newark, the firm highlighted the appeal of the residential Weequahic neighborhood that is home to the Van Velsor Place and Chancellor Avenue buildings. The adjacent six-story properties include a mix of studio to three-bedroom layouts.
“Both complexes appeal to Newark’s varied tenant base of millennial-age professionals to families because of their residential vibe, just beyond the city center, within a lively city on the rise,” said Pomerantz, who procured the buyer of both properties, Nova Appian LLC.