Gerber/Somma Associates

Real Estate Weekly, March 1, 2000

The Hackensack office of Gerber/Somma Associates has locked-up the sale of two apartment buildings in the Hudson County communities of Union City and West New York, NJ. The deals were announced by Harold Gerber and Frank Somma, who lauded G/S regional representative Enn Kunnapas for his challenging effort in handling both negotiations. Gerber noted that the dual multi-family properties yield a total yearly income of $255,000, and the combined sales are valued at $1 million. The initial sale involved a 20-unit midrise residential rental building at 4607 Hudson Avenue in Union City, NJ, purchased by an affiliate of the NY-based Hanrock Group, LLC. An array of recent amenities include new windows, roof and boiler - all installed by the previous owner prior to the sale.

The West New York transaction entailed the sale of 5309 Hudson Avenue, a 16-unit four-story apartment building which also was acquired by Hanrock in order to fulfill its portfolio requirements to begin the new year. The Jersey City law firm of Verdiramo & Verdiramo counseled the seller, while legal details on behalf of the Hanrock Group for both acquisitions were handled by NY attorney Stephen Brodie of Esanu, Katsky, Koren and Siger.