Cliffside Park/Paterson, N.J. – With multi-family development peaking this year and next in the Northern New Jersey metro and vacancy rates remaining low, prolonged investment interest in as-is and value-add properties in the high-barrier-to-entry counties of Bergen and Passaic will prevail well into the foreseeable future, according to the brokerage professionals at Gebroe-Hammer Associates. The firm recently arranged two separate sales involving a total of three buildings and 53 units located throughout the borough of Cliffside Park and City of Paterson.
Senior Vice President Debbie Pomerantz exclusively represented the sellers in both transactions while Senior Vice President Nicholas Nicolaou procured the buyer in the Cliffside Park deal. Pomerantz also arranged the buyer of the Paterson buildings.
Along the Hudson Palisades in Cliffside Park, 19 units sold for $5.45 million or $286,842 per unit at 319 Palisade Ave., one of two main north/south thoroughfares in the borough. Built in 1995, Gebroe-Hammer initially sold the building to the current seller in 2011. The three-story property features condominium-style designs, finishes and amenities as well as Hudson River and New York City skyline views.
“In a municipality where about 77% of the housing stock is made up of apartment buildings – large and small – and little more than half of the population rents, Cliffside Park packs a one/two investment punch associated with its Bergen County and Hudson Waterfront locale,” said Pomerantz, who noted average market rents are $1,688 in Cliffside Park.
According to the latest data available from REIS, Bergen County properties built from 1990 – 1999 have the lowest vacancy rate (1.7%) and comprise 6% of the total inventory, the lowest of all property age brackets.
The Palisade Avenue property boasts one- and two-bedroom units with spacious kitchens, living and dining rooms and closets as well as hardwood floors, central air conditioning and in-unit washers/dryers. Community amenities include a ground-level parking garage with direct elevator access. NJ Transit bus service is just steps from the mid-rise property to and from Manhattan via the George Washington Bridge or Lincoln Tunnel as well as Jersey City and local routes.
While Bergen County may lack what is classified as a distinct large city, Passaic County’s Paterson is a larger mid-sized city where the architectural landscape is dominated by apartment buildings and larger complexes that draw considerable investment interest, according to Pomerantz. As the third largest city in the state of New Jersey, Paterson has the second-highest density of any U.S. city with over 100,00 people, second only to New York City.
Pomerantz recently closed the $3.2 million sale of 34 separately metered units at 764 – 768 21st St., and 549 – 553 E. 38th St., both of which are at the corner of Vreeland Avenue near access ramps to Routes 21 and I-80. “These properties were a particularly attractive investment opportunity due to their proximity to mass transit and Top-10 rankings on Paterson’s safest and best neighborhoods for education lists,” she said.
Among Pomerantz’s responsibilities at Gebroe-Hammer is representing a wide range of first-time and long-term clients in some of the most prominent market and off-market transactions throughout North Jersey and beyond. While focusing on the Bergen and Passaic County submarkets, she has closed over $200 million in sales in these high-barrier-to-entry hubs. She is a two-time recipient of Gebroe-Hammer’s peer-selected Salesperson of the Year Award, a NJ Top Broker, “Woman of Influence” in real estate and a two-time Executive Women in Real Estate honoree. Pomerantz was promoted to assistant vice president in 2013, vice president in 2014 and senior vice president in 2016.