CLIFFSIDE PARK, NJ–The sale of a 13-unit apartment building at 344 Gorge Rd. in Cliffside Park, NJ for $1.625 million has been completed by Gebroe-Hammer Associates after a dozen interested buyers competed to make the purchase.
The brokerage team of David Oropeza, an executive vice-president, and Debbie Pomerantz and Nicholas Nicolaou, sales associates, exclusively represented the seller; the team also procured the buyer, a long-time client of the firm.
“Where else are investors going to put money today?” Oropeza asked rhetorically in a conversation with GlobeSt.com. “Our office and industrial markets are not strong. Yet, with interest rates still low on mortgages, the returns are very good on multi-family properties – making them a highly attractive investment.”
“The rental market throughout northern New Jersey is strong, due to the rising rents in New York City, where tenants are priced out of that multi-family market,” said Nicolaou. “There is a willingness among commuters to pay the asking rents in Bergen, Passaic, Hudson and Essex counties in order to have easy access to Manhattan.”
Oropeza says virtually every listing Gebroe-Hammer gets in New Jersey is snapped up, and that demand continues to far outstrip supply. “There were 12 serious buyers competing to buy this building,” he said. “There is a bus into Manhattan just across the street from it. Demand for that type of property is extremely strong.”
In recent months, Gebroe-Hammer orchestrated several transactions in Bergen County, including the sale of 39 units at 30 Euclid Ave., Hackensack, which sold for the per-unit price of $118,000 at a 5.75% cap rate.
The Cliffside Park property in southeastern Bergen County is situated between the George Washington Bridge and the Lincoln Tunnel. The town is popular with commuters, who can take advantage of rail and ferry service into Manhattan, in addition to commuter bus service. Numerous shops and diverse restaurants add to the appeal of Cliffside Park’s downtown area.
The garden-style apartments have on-site laundry facilities, parking and central air conditioning. The property is comprised of 11 one-bedroom apartments and two two-bedroom units. According to Pomerantz, average rents for the area range from $1,100 for a one-bedroom to $1,250 for a two-bedroom unit.