Gebroe-Hammer arranges Passaic County sales totaling $9.8M

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Gebroe-Hammer Associates arranged a series of transactions in Passaic County, covering 53 residential units in addition to commercial space, as the region gains traction as a commuter-friendly destination.

Senior Vice President Debbie Pomerantz led the three transactions, situated across Passaic and Paterson, which totaled $9.8 million. According to a June 27 announcement from the Livingston-based brokerage, the properties involved two apartment buildings, one mixed-use site and a commercial asset.

“Characterized by the dominance of smaller apartment buildings that reflect their historical past, Passaic and Paterson are among the most densely populated municipalities in the nation,” Pomerantz, a 12-year firm veteran and leading Passaic County/North Jersey market specialist, said in a prepared statement. “As such, these two cities present multifamily investors with numerous options in terms of investment strategies and portfolio additions, ranging from traditional value-add investments primed for interior renovations to the full redevelopment of older properties that are undergoing repositioning to attract a higher caliber tenant base.”

82 Paulson Ave.

In the largest of the transactions, Pomerantz arranged the sale of 23 units at 82 Paulson Ave. in Passaic for $4.5 million. The early 20th Century, four-story building offers one-bedroom floorplans and is strategically situated in the city’s downtown residential area. The walkable section offers access to transit and is near to Armory Park and St. Mary’s Hospital.

37 Lucille Place

About a mile away at 27 Lucille Place, Pomerantz closed the $1.6 million sale of 12 apartment units within the Monroe Street Neighborhood, which also offers walkability and transit options. The three-story property is three blocks from the Main Avenue Business District and Memorial Elementary School No. 11.

312-318 21st Ave. and 103 Grey St.

In Paterson, Pomerantz handled the trade of 18 units across two buildings. Located in the Wrigley Park section, the two-property mixed-use and separate commercial building sold for $3.7 million.

The announcement of the transactions did not include buyer or seller information.

In a statement, Pomerantz said the region was once known as “North Jersey’s best-kept secrets in terms of lifestyle affordability.” Now, “Passaic and Paterson are attracting a steady tenant stream of office-based professionals seeking a dynamic urban commuter lifestyle at market rents far less than Hudson and Essex County.”

Within Hudson County, New Jersey’s second-largest city made news this week, ranking second in the nation for its rents.

According to Zumper’s June 2023 National Rent Report, Jersey City was No. 2 in the U.S. for highest rates, with a median rent price of $3,370 per month for a one-bedroom unit — a 6% increase over the month before and nearly 29% higher than the same month last year. The No. 1-ranked city was neighboring New York, which posted rents of $3,900. According to Zumper, both cities face historic highs “that show no sign of slowing down.”

Nationally, the median one-bedroom rent price tag was $1,504.

“Not only are they commuter friendly and about 20 miles from Midtown Manhattan with connectivity to other urban counterparts like Newark,” Pomerantz remarked about Paterson and Passaic, “they also offer an urban infill locale with their own popular retail corridors and commercial and industrial parks.”