Gerber/Somma says res. building market still hot

Real Estate Weekly, August 16, 2000

A flood of apartment activity, unmatched in recent years, is reverberating throughout the inner-city realty marketplace as evidenced by a series of 5 multifamily sales brokered by the Hackensack office of Gerber/Somma Associates. The five-fold combination of deals totaled 115 dwelling units, yielding a gross annual income of $700,000, with aggregate sales value of $2 million.

The announcement was made by Harold Gerber and Frank Somma, who lauded sales director Enn Kunnapas for his effort in adding that extra dimension as a persuasive matchmaker in handling the deals.

The gem in the five parcel crown involved the sale of a 39-unit 4-story elevator building at 12 Summit St., East Orange, N.J., which marked the property's first change of ownership in 15 years. Sited on a 36,000 sf tract, the apartment complex includes on-site parking for over 40 cars.

The second sale also entailed a multi-family project in East Orange at 66 Summit St., housing 24 rental units.

The next transaction resulted in the financial rescue of a 19 family, 3-story apartment development at 732 Lyons Ave., Irvington, N.J., acquired by P.C. Development Corp.

Culminating the 5-deal cycle were two Hudson County sales, which included a 17-unit midrise apartment project at 110 Rutgers Ave., Jersey City, and a 16-family apartment property at 5309 Hudson Ave., West New York.