37 Lucille Place in Passaic — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
An investor has purchased a 23-unit apartment building in Passaic for $4.5 million, in the largest of three newly announced deals in the region by Gebroe-Hammer Associates.
Debbie Pomerantz, a senior vice president with the brokerage firm, represented the seller and procured the buyer in the transaction at 82 Paulison Ave. She noted that the four-story structure, which was built in the early 20th century, has all one-bedroom floorplans and provides residents with easy, walkable access to mass transit and neighborhood anchors such as Armory Park and St. Mary’s Hospital.
Pomerantz also closed the $1.6 million sale of 12 apartments about a mile away at 37 Lucille Place, also in Passaic, where renters are three blocks from the Main Avenue Business District and Memorial Elementary School No. 11, according to a news release. Residents are also minutes from dining, restaurants and lifestyle services as well as NJ Transit bus stops.
In the third deal, the broker arranged the trade of two properties at 312-318 21st Ave. and 103 Grey St. in Paterson, which include 18 apartments and commercial space. The buildings, located in the city’s Wrigley Park section, sold for $3.7 million.
“Characterized by the dominance of smaller apartment buildings that reflect their historical past, Passaic and Paterson are among the most densely populated municipalities in the nation,” said Pomerantz, a 12-year Gebroe-Hammer veteran. “As such, these two cities present multifamily investors with numerous options in terms of investment strategies and portfolio additions, ranging from traditional value-add investments primed for interior renovations to the full redevelopment of older properties that are undergoing repositioning to attract a higher caliber tenant base.”
Pomerantz, who represents clients in and around northern New Jersey, said she has closed more than $31.5 million in multifamily investment sales in Paterson and Passaic alone during the past 18 months.
“Once known as North Jersey’s best-kept secrets in terms of lifestyle affordability, Passaic and Paterson are attracting a steady tenant stream of office-based professionals seeking a dynamic urban commuter lifestyle at market rents far less than Hudson and Essex County,” she added. “Not only are they commuter-friendly and about 20 miles from Midtown Manhattan with connectivity to other urban counterparts like Newark, they offer an urban infill locale with their own popular retail corridors and commercial and industrial parks.”
