557 East 28th St. in Paterson — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
An apartment owner has sold 83 units in Paterson for a combined $12.36 million, in a series of newly announced transactions by Gebroe-Hammer Associates.
In a news release, the brokerage firm said Senior Vice President Debbie Pomerantz represented the undisclosed seller and procured the buyers in the four separate deals. The properties in the respective transactions include 330 East 23rd St., 112 Coral and 94-96 North 9th streets, 557 East 28th and 592 East 29th streets and 353 and 369 Fair St. and 90-92 North 5th St.
“Paterson’s sheer size as the third-largest municipality in the state, coupled with a revitalization similar to nearby North Jersey cities, are characteristics that continue to strengthen its position at the top of investor checklists,” Pomerantz said. “In addition to its strong in-place workforce-housing tenant base, the city is methodically gaining traction as a desirable commuter-friendly, urban enclave no more than 20 miles from Midtown Manhattan.”
Gebroe-Hammer announced the deal this week, noting that Paterson’s connectivity and suburban North Jersey geography have drawn both investors and young renters. Most of the apartment buildings and homes in the recent deals offer front-door service or a short walk to NJ Transit bus routes originating at Broadway Terminal, while rail service also is available at Paterson Station, which connects to Hoboken Terminal and Secaucus Junction.
The largest of the properties is 330 East 23rd St., which has 27 residential units and one commercial space.
“In addition to its transit-centric options, two other catalysts for Paterson’s renaissance are the Great Falls, where officials have plans for mixed-use developments, as well as the Main Street District, where city-wide growth and evolution are taking place,” Pomerantz said.
