The Grove at Piscataway at 67 Old New Brunswick Road in Piscataway — Courtesy: ICON Real Estate Advisors
By Joshua Burd
Two former brokers with Gebroe-Hammer Associates have launched a new venture, ICON Real Estate Advisors, marking its debut with the sale of a 110-unit rental property in Piscataway.
The firm, led by managing partners David Oropeza and David Jarvis, represented a private developer in the $35.1 million deal at 67 Old New Brunswick Road. The buyer, which was undisclosed, completed the transaction as part of a Section 1031 like-kind exchange.
According to ICON, the nearly six-year-old property known as The Grove at Piscataway is 100 percent occupied, boasting immediate access to major highways and key employment hubs in New Brunswick and Edison. Renters of the luxury property, which includes 22 affordable housing units, also have access to amenities such as a pool, a fitness center, coworking and social lounges and secure parking with electric vehicle charging.
“Our objective in forming ICON was to build a partner-led platform where experience, relationships and execution define the business,” Oropeza said. “The Grove at Piscataway demonstrates our ability to run a competitive process that highlights an asset’s fundamentals and delivers results aligned with the seller’s objectives.”
The deal follows the launch of the West Orange-based firm, which advises private owners, family office and institutional investors throughout the Mid-Atlantic region. Its team also includes Managing Director Justin Lupo, who previously co-led Cushman & Wakefield’s Northeast multifamily platform, as well Director David Betesh and Associate Ben Susskind.
Collectively, the ICON’s partners bring more than 100 years of experience and more than $20 billion in combined career transaction volume. Oropeza spent 38 years at Gebroe-Hammer, consistently ranking among its top producers and playing a pivotal role in expanding its presence across New Jersey, while Jarvis logged more than 25 years at the storied brokerage firm.
Both joined Cushman in 2023 as executive managing directors.
“Many of the owners we represent are making decisions involving decades of work and generational assets,” Jarvis said. “They deserve senior-level attention and a process designed to create competition and deliver certainty.”
