Business & Finance

East Orange Multi-Family Sale Sets All-Time High Per-Unit-Price

0be9425394f636db479d_75_Prospect_St.__East_Orange_NJ.jpg
0be9425394f636db479d_75_Prospect_St.__East_Orange_NJ.jpg

EAST ORANGE, NJ – Gebroe-Hammer Associates has established a new, all-time-high price-per-unit benchmark within one of the state’s hottest urban multi-family submarkets with the $11.25 million sale of 44 luxury apartment-rental units at 75 Prospect St., in East Orange – known as the “Castle on Prospect.” 

Managing Director David Oropeza, the firm’s urban market specialist, exclusively represented the seller and procured the buyer, a long-time client and veteran East Orange investor, in the transaction that yielded a $250,000 per-unit price. From contract to closing, the trade was finalized within a three-week timeframe.

“Renters and investors have discovered New Jersey’s newest crown jewel – East Orange, where almost three-quarters of the population are renters and about 80% of the housing stock is comprised of small, mid- and high-rise apartment buildings,” said Oropeza, a 30-year Gebroe-Hammer and East Orange/Essex County brokerage veteran. “Comprised of 19 constituent neighborhoods, each of which has its own character and aesthetic landscape, East Orange is a city of service providers, sales and office workers and executives who appreciate the wide range of residential living options, a walkable lifestyle and immediate access to mass- and vehicle-transit options.”

Sign Up for E-News

Built in the late 1920s, the Castle is a classic Art-Deco-era building with hand-painted tile in the lobby, vaulted ceilings, large windows with abundant natural light and spectacular views of New York City and South Mountain Reservation. “This is a truly exquisite property, with unheard-of front-to-back layouts, reminiscent of the urban-chic buildings that pepper Manhattan’s Central Park South landscape,” said Oropeza.

Last sold in 2013, 75 Prospect St. is known for its highly unique layouts, among which are three 2BR/1 bath, two 2BR/2 bath, 21 3BR/2 bath, 17 4BR/3 bath and one 5BR/4 bath units. Each features beautiful finishes such as hardwood floors, crown molding and original architectural details, updated eat-in kitchens with stainless-steel appliances, granite or quartz countertops, renovated bathrooms with relaxing soaking tubs, decorative fireplaces and expansive dining rooms. Many of the larger units also feature in-law suites with private baths.  

Situated in the tree-lined Park Ave./Washington Street neighborhood at the crossroads of the Garden State Parkway and Route 280, the 10-story all-brick building features four elevators, doorman service, state-of-the-art security system, assigned covered parking and detached garages. It is just one block from shopping, a supermarket, Bank of America, Dunkin Donuts and many other lifestyle service establishments.

In addition, the complex is situated two blocks from Brick Church Train Station. Served by the Morris and Essex Line, Brick Church offers less than 30-minute door-to-door service to NY Penn Station. Destinations also include Hoboken Terminal to the east and Dover and Hackettstown Stations, to the west.  

“Long recognized as a grand, striking fixture on the East Orange skyline, the Castle has both old-world charm and modern amenities that appeal to the city’s diverse age demographic, from established, young professionals to empty-nesters and retirees,” added Oropeza. “The Castle offers a lifestyle like no other in the city and symbolizes East Orange’s past as well as its now-underway resurgence.”     

The Castle is located near an array of recreational venues, cultural centers and area colleges and universities as well. These include Newark Museum, Branch Brook Park, Van Vleck House & Gardens, Seton Hall University and Rutgers New Jersey Medical School/Newark Campus.    

Gebroe-Hammer is the leading multi-family investment sales brokerage firm in New Jersey and the entire tri-state region. In 2016, the firm closed more than 132 deals involving 12,117 total units sold for $1.83+ billion while concentrating on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 13-time CoStar Power Broker.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

East Orange/Orange

PSE&G To Begin Gas Repair Work Along Central Avenue Throughout Summer

June 17, 2018

EAST ORANGE, NJ - On or around June 15, 2018 PSE&G will begin repairs on the gas distribution system that will impact traffic and parking in phases along Central Avenue between South Burnet and South Grove Streets throughout the duration of the summer.

The work will consist of repairing approximately 15 cast iron bell joints which ensure the continued safety and reliability ...

East Orange Has Two Winners at Essex County Fishing Derby

June 12, 2018

ORANGE, NJ - Essex County Executive Joseph N. DiVincenzo, Jr. announced that Tyler Tolson from East Orange caught the first fish in the boys' category and the most fish in the boys' 11-15 age category during the Essex County Fishing Derby in Essex County Monte Irvin Orange Park on Saturday, June 9th. He caught his first fish four minutes into the contest and caught a total of two ...

Gen Z Music Consumption — a Marketing Gold Mine?

In the last article, we discussed the many things that Gen Z do on their smartphones. The main one is listening to music. 

This time, we want to look at their music consumption in more detail to see what marketing doors their patterns can open.

How Often Do They Listen to Music?

In a recent survey, 84% of Gen Z report listening to music every day on their smartphone, as compared ...

What Gen Zs Do on Their Mobile Phones

Last time, we offered a definition of Gen Z and discussed a few of the main ways they are different from Millennials. Knowing these differences can help you market to them more successfully, getting an early start on a group that has not been marketed to heavily as compared with Baby Boomers or Millennials.

In this article, we want to look more closely at what Gen Z do on their ...

Introducing Generation Z

Hi, and welcome to your article series on marketing to Generation Z (Gen Z). We hope you get a lot out of it. 

Gen Z means different things to different people, but in general, we can define it as 18- to 24-year-olds. Gen Z is different from Millennials (Generation Y) in a number of key ways. Taking these difference into account can help you ensure your marketing messages reach their ...

Upcoming Events

Carousel_image_5e177eaae57739064cd4_397f63ad2fb50392a776_29178074_2107642336134787_2638697507160326144_n

Sun, June 24, 11:00 AM

Totowa

MakerFest 2018

Carousel_image_db027a04f103c81952b6_img_9030_m

Sun, July 8, 2:00 PM

Suzy Que's BBQ & Bar , West Orange

Arts For Kids 4th Annual "Not Just Jazz & BBQ ...

Arts & Entertainment

SPECIAL BUSINESS HEALTH EDITION: Eating Issues Can Arise from Periods of Great Stress

June 11, 2018

Eating issues may impact your psychological and physiological well-being and can be caused by too much stress in your life. Eating disorders may include bulimia nervosa, binge-eating and anorexia nervosa – and any one of these can cause other severe health problems.

Other health issues caused by eating disorders may include digestive problems, cardiovascular issues, teeth and mouth ...