By Joshua Burd
The co-founder of a longtime North Jersey brokerage firm is starting a new venture.
Frank Somma, an industry veteran of more than 40 years, announced recently the formation of Somma Associates LLC. The new firm is based in Hackensack and specializes in multifamily investment sales and commercial real estate brokerage throughout the state.
Somma is the onetime co-founder of Gerber/Somma Associates Inc., also in Hackensack. He has brought on Vito DeGennaro, the former director of sales at Gerber/Somma, as broker and salesperson at the new firm.
“The new company brings positive change and opportunities to emphasize our strong tradition of expertise in multifamily investment properties,” Somma said in a prepared statement, later adding: “Vito is well known in the industry and has an exceptional client base.”
Both Somma and DeGennaro have decades of experience in multifamily and commercial property sales in New Jersey, with a focus on Hudson, Bergen and Essex and Monmouth counties. Somma also said the firm is “actively looking for new talent to build our team.”
The firm will seek to continue to tap into investor demand for multifamily properties, the news release said. Somma added that the influx of new apartment construction makes older rental properties more valuable than ever because of their affordability.
“Investors come to us every day,” Somma said. “Multifamily apartment buildings are considered to be one of the safest real estate investments.”