Two Apartments Trade for $8M

LIVINGSTON, NJ-In two separate transactions, two apartment complexes with a combined 68 units, have changed hands for a total of almost $7.5 million. Both deals were brokered by Greg Pine, vice president of the locally based Gebroe-Hammer Associates.

In the larger of the two deals, the two-building complex at 403 Prospect Ave. in Hackensack has traded for $4.35 million. For the 38-unit property, that number factors out to almost $114,500 per unit. Pine had the exclusive on behalf of the seller, who was not identified, and procured the buyer, Passaic-Prospect LLC, a local Bergen County investor.

“The deal involved several months of negotiations in order to resolve a number of issues, including the replacement of a retaining wall,” Pine says. Post-sale, “the buyer is planning substantial upgrades to the property, which was 100% occupied at the time of closing.”

In the transaction, attorney Mitchell Abrahams of Cole, Schotz, Meisel, Forman & Leonard in Hackensack represented the buyer on the legal side. The seller was represented by Frank Leanza of Leanza & Agrapidis of Hasbrouck Heights.

In the second sale, 11 Massey St., a 30-unit building in Lodi, was sold for $3.14 million, or nearly $105,000 per unit. Gebroe-Hammer had the exclusive listing on behalf of seller Chipner Associates of Lodi, the original building and owner of the 34-year-old property. The buyer was described as “a long-time Gebroe-Hammer client.” Attorney Joseph Behot of Hackensack represented the buyer. Chipner Associates was represented by in-house attorney David Kahan.