Four separate multifamily transactions recently generated $12.36 million in sales in Paterson, Passaic County, New Jersey.
The four transactions encompassed a combined 83 units. The properties sold include 330 E. 23rd Street (27 residential/1 commercial unit); 112 Coral and 94-96 N. 9th Streets (14 units); 557 E. 28th & 592 E. 29th Streets (25 units), and 353 and 369 Fair Street/90-92 N. 5th Street (16 units).
Gebroe-Hammer Associates organized the sales, with Senior Vice President Debbie Pomerantz exclusively representing the seller. Pomerantz also secured the buyers in each of the transactions.
“Paterson’s sheer size as the third largest municipality in the state, coupled with a revitalization similar to nearby North Jersey cities, are characteristics that continue to strengthen its position at the top of investor checklists,” said Pomerantz. “In addition to its strong in-place workforce-housing tenant base, the city is methodically gaining traction as a desirable commuter-friendly, urban enclave no more than 20 miles from Midtown Manhattan.”