319 Palisade Ave. in Cliffside Park — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Investors have paid a combined $8.65 million for three apartment buildings in Bergen and Passaic counties, in two separate transactions arranged by Gebroe-Hammer Associates.
The deals include the $5.45 million sale of 319 Palisade Ave., a 19-unit building in Cliffside Park, according to a news release from the multifamily brokerage. Built in 1995, the three-story property features condominium-style designs, finishes and amenities as well as Hudson River and New York City skyline views.
Gebroe-Hammer initially sold the building to the current seller in 2011, the news release said. The most recent sale price amounts to $286,842 per unit.
Senior Vice President Debbie Pomerantz exclusively represented the seller in the transaction, while Senior Vice President Nicholas Nicolaou procured the buyer in the Cliffside Park deal.
“In a municipality where about (77 percent) of the housing stock is made up of apartment buildings — large and small — and little more than half of the population rents, Cliffside Park packs a one/two investment punch associated with its Bergen County and Hudson Waterfront locale,” Pomerantz said, noting that average market rents are $1,688 in Cliffside Park.
Pomerantz also represented the seller and buyer in the $3.2 million trade of 34 units in Paterson. They span two buildings, 764-768 21st St. and 549-553 E. 38th St., both of which are at the corner of Vreeland Avenue near access ramps to Route 21 and Interstate 80.
“These properties were a particularly attractive investment opportunity due to their proximity to mass transit and Top-10 rankings on Paterson’s safest and best neighborhoods for education lists,” she said.
