1101-1109 Palisades Ave. in Union City — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A broker with Gebroe-Hammer Associates has won a top honor from the firm in connection with last year’s $75 million sale of a 487-unit, 18-building portfolio in Hudson and Bergen counties.
The Livingston-based brokerage announced this week that it recognized Niko Nicolaou, an executive vice president, with its Deal of the Year award after he represented Madison Hill Properties in the transaction in early 2019. The portfolio, which was sold to a private investor, included 419 apartments in Union City and additional units in Bergenfield and Lodi, while also giving way to three other transactions with the same client.
Nicolaou received the honor during Gebroe-Hammer’s recent annual reception.
“A portfolio sale of this magnitude naturally had a lot of moving parts, so it required a highly experienced market specialist backed by a firm like Gebroe-Hammer Associates, which could deploy resources quickly by jumping in feet first,” Nicolaou said in a prepared statement. “This portfolio sale represents what Gebroe-Hammer does best for all of its clients, from single properties to portfolios across various geographies.”
Nicolaou’s other transactions of behalf of Madison Hill spanned three properties in and around Short Hills, Gebroe-Hammer said. The largest among them was the sale of New Providence Gardens, a 232-unit garden apartment community at 43 Gales Drive in New Providence, which sold to Pacific Urban Residential LLC for $58.5 million.
Meantime, Nicolaou brokered the sale of Chatham Village Apartments, a 118-unit complex at 500, 525 and 555 Main St. in Chatham, to Stolar Capital in partnership with Vertical Realty and EverWest Real Estate Investors LLC. In Summit, a private investor paid $12.85 million to acquire a 53-unit community known as Beech Spring Apartments, which sits at 7 and 10 Beech Spring Drive.