Gebroe-Hammer arranges nearly 8M in apartment sales

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.