RIDGEWOOD, NJ-In two separate transactions, two apartment complexes totaling more than 60 units here and in Paterson have been sold for a combined price of more than $7.5 million, according to Kenneth Uranowitz, managing director of the Livingston-based Gebroe-Hammer Associates, whose firm arranged the deals. Both transactions involved private investment groups, which were not identified.
The local property is 263 Franklin Ave., a mid-rise elevator building of 44 units, currently 100% occupied. The sale was orchestrated by G-H brokers David Jarvis and Greg Pine, both vice presidents. The attorney for the seller, who had owned the building for 37 years, was Jonathan S. Margolis of the New York law firm of Bryan Cave, while Thomas Cohn of Wolf Block Brach, Eichler of Roseland represented the buyer.
“The sale was based on the purchaser completing a 1031 tax exchange utilizing proceeds from a previous transaction into this replacement property,” Uranowitz says. “As a result, financing was not required and the transaction was a true all-cash deal concluded from contract to closing in less than 45 days.”
The Paterson sale, with the buyer and seller similarly not disclosed, involves 397 E. 27th St., a three-story building with 17 units, all of which are currently occupied, according to Uranowitz. The deal was brokered by G-H’s Jarvis and colleague and area sales rep, Jay Lombardo. The attorney representing the seller was Barry Cohen of Gelman & Gelman, Elmwood Park, while Joseph Cicala of Lefkowitz, Murphy, Peluso & Cicala, West New York, NJ, represented by buyer.
“Financing for the sale of the property involved cash over a new first mortgage from Washington Mutual Bank,” Uranowitz says.