Gebroe-Hammer arranges nearly 8M in apartment sales

Listen to this article

According to the announcement, the two separate transactions total 49 units in Caldwell and Montclair, and both properties were sold by long-term owners.  In the Caldwell transaction, the 27-unit complex at 40 Roseland Ave. traded for $4.3 million. The firm’s brokerage team, which included Uranowitz and David Jarvis, executive vice president, exclusively represented the seller and identified the buyer.
In Montclair, the four story, 22-unit brick, elevator building at 9-11 Seymour St. was sold for $3.655 million, which factors out to more than $166,000 per unit. Uranowitz represented the second generation private ownership and teamed with Jarvis to procure the buyer. Consisting of 18 one-bedroom and four two-bedroom units, the property is adjacent to a municipal parking lot with available permit parking and one half block from the center of Montclair’s main business artery, Bloomfield Avenue, Gebroe-Hammer said in a statement.