Business & Finance

Press Releases

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

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.”

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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.

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SOMA

Climate and Culture – One of the Key Issues I Will Focus on if Re-Elected to the Board of Ed

September 19, 2017

Addressing climate and culture in our school community - and broader community - is something that is a key focus for me for in my campaign.  Students, teachers, and parents have all expressed deep concerns with the climate and culture in our schools. We must work together to establish meaningful dialogue that allows all parties involved to feel trust and build understanding of all points of ...

South Orange Police Blotter - Two Home Burglaries Reported

September 19, 2017

South Orange Police Blotter as of September 19

Burglary - A Vose Ave resident reported that sometime before 4:30 p.m. on Wednesday, September 13, an unknown actor entered her residence through a rear door, ransacked the master bedroom and stole jewelry and a silver coin collection. The Detective Bureau is investigating.

Burglary - A Wyoming Ave resident reported that sometime ...

South Orange Police Blotter - Four Adult Arrests Reported, One for Assault

South Orange Police Blotter as of September 14

Adult Arrest - David Boone, a 20 year old Newark resident was arrested on Saturday, September 2, at approximately 6:47 p.m. for assault and an active arrest warrant out of South Orange. Officers responded to Valley St and South Orange Ave for a reported assault that had just occurred and quickly located a subject (Boone) who ...

6th Annual Art Walk & Music Fest in Maplewood on Sunday, September 24

September 20, 2017

MAPLEWOOD, NJ - The Maplewood Village Alliance (MVA) will host its 6th Annual Art Walk & Music Fest on Sunday, September 24, from 11 a.m. to 5 p.m. in Maplewood Village.

According to organizers,this year's event will feature over 40 artists, many new to the event, displaying and selling their original work, plus live music by local bands all day long.

Children attending the ...

South Orange Chamber of Commerce Holds Networking Event and Makes Donation to South Orange Lions Club

SOUTH ORANGE, NJ The South Orange Chamber of Commerce celebrated the start of the fall season with a Social and Business Networking event hosted by Bunny’s Sports Bar. In addition to enjoying time to network over food and drinks, the South Orange Chamber also made a donation of $1000 to the South Orange Lions Club. This donation was made specifically towards the South Orange Lions Club ...

Upcoming Events

Sat, September 23, 8:30 AM

Kol Rina, South Orange

High Holy Days at Kol Rina

Religions And Spirituality

Carousel_image_1643d2a8a911c4a14d33_every_brilliant_thing_graphic

Sat, September 23, 8:00 PM

Dreamcatcher Repertory Theatre, Summit

Every Brilliant Thing by Duncan Macmillan with ...

Arts & Entertainment

Sun, September 24, 8:30 AM

Kol Rina, South Orange

High Holy Days at Kol Rina

Religions And Spirituality

Carousel_image_5e64dc5648e01803d5bb_fcreoverymonthfb2

Sun, September 24, 1:00 PM

Clipper Pavilion, West Orange

Connect to Wellness

Health & Wellness

Last Chance for Free Classes and Discounted “Founders Package” at CycleBar Livingston

September 22, 2017

LIVINGSTON, NJ— The new Livingston-based indoor cycling franchise, CycleBar, invites the Livingston community and beyond to take part in the last few days of its opening-month celebration. Free “CycleBlast” classes are set to run until Sunday, Sept. 24. CycleBar Livingston is located at 277 Eisenhower Pkwy in Livingston. To reserve your free seat now Click ...

Jessica Israel, MD, Named Corporate Chair of Geriatrics for RWJBarnabas Health

WEST ORANGE, NJ – Jessica Israel, MD, a resident of Matawan who has been a practicing geriatrician with RWJBarnabas Health since 2002, was recently appointed as Corporate Chair of Geriatrics for RWJBarnabas Health. 

In this new role, Dr. Israel will be working alongside geriatricians and interdisciplinary teams from across the system to develop innovative, cohesive programs with a ...

Sabattis Saved: Boy Scouts' Adventure Camp to Remain Open After Patriots’ Paths Council Executive Board Vote

September 23, 2017

CEDAR KNOLLS, NJ -- The Patriots’ Paths Council Executive Board met on Monday, Sept. 18 in a special session to discuss the future operation of Sabattis Adventure Camp, which was threatened with closure.

After thorough and thoughtful discussion, the Board voted to continue Sabbatis camping activities through the end of the 2019 summer camping season. The Board ...

Summit's Clelia Biamonti Named Executive Director of Overlook Foundation

SUMMIT, NJ - Clelia Biamonti, Ph.D., a Summit resident and former management consultant, and a longtime member of the Overlook Foundation Board of Trustees, this week took the reins as the Overlook Foundation’s new executive director. Biamonti steps into the role held by longtime Executive Director Ann Oliva, who retired this year. Oliva, who began her career at ...

AAA Reports Gas Prices Rise One Cent Over Last Week

September 12, 2017

FLORHAM PARK, NJ - AAA's weekly survey found that the average price for a gallon of gasoline in New Jersey is up one cent over last week.

On September 11, the average to be $2.78, up one cent from $2.77 last week. Today’s average price for a gallon of regular gasoline is 36 cents higher than a month ago ($2.42) and 80 cents higher than one year ago ($1.98).

Nationally, the ...

Weekly Specials at Ashley Marketplace & Cafe - September 22 to September 28

September 22, 2017

Shop Ashley Marketplace & Cafe for your everyday needs!

This week's specials are:

Black Angus T-Bone Steak  $9.98lb (Meat)
Love Crunch Granola $4.99
Chobani Yogurt 5.3oz 4/$5
Chicken Wraps $5.99 (Deli)
Kiju Organic Juice $3.99
Egg Salad $4.99(Prepared Foods)
Canadian Salmon Steaks $7.99lb (Ashley Fish Market)
Gorgonzola Piccante $9.99lb (Cheese)
Nissin ...

Third Annual SouthNEXT Festival in South Orange: October 6 to October 8

SouthNEXT Festival Returns to South Orange October 6-8 Third Annual Collision of Arts, Ideas and Music is “Under the Big Top” in 2017

SouthNEXT, New Jersey’s fast-growing festival that explores our similarities by celebrating our differences returns to South Orange Village Center this October with another spectacular lineup of talent and an exciting new outdoor venue ...

Essex County Prosecutor’s Office Offers Domestic Violence Training

Acting Essex County Prosecutor Robert D. Laurino announced that the Essex County Prosecutor’s Office will again offer a domestic violence training program this fall. Called “Sanctuary,’’ the program is a 100-hour training program designed to equip community residents to provide crisis intervention and outreach services to victims of domestic violence, sexual assault, child ...