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.”

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:

Sign Up for E-News

SOMA

Maplewood's 4th of July Fireworks - Should the Fences Come Down?

I wrote last month that those who do not pay for the Maplewood fireworks but sit and watch them anyway were akin to thieves. This brought a great mixed reaction, some agreeing with me while others claiming such a viewpoint was unfair to those who cannot afford it.

Then there were some who called it racist since many of those who do not or cannot pay are people of color. One person ...

Maplewood Police Blotter - Auto Theft Reported

July 18, 2017

July 13 - Theft; Sometime during the overnight hours, three lawn mowers left unsecured in a rear yard on Concord Ave were stolen.

July 14 - Attempted Auto Theft; An unsecured vehicle parked on Parker Ave was entered overnight and damage was caused to the vehicles ignition consistent with an attempted theft.

July 16 - Auto Theft; Sometime over the previous five days ad unsecured vehicle that ...

National Night Out Events Planned in South Orange and Maplewood Tuesday, August 1

July 22, 2017

SOUTH ORANGE AND MAPLEWOOD, NJ  - It's National Night Out in many communities and there will be events in both South Orange and Maplewood on Tuesday, August 1.

National Night Out promotes police-community partnerships, and provides public safety tips and information.

SOUTH ORANGE

South Orange will hold its Eighth Annual National Night Out on Tuesday, August ...

South Orange Summer Nights Feature Community Art, Music, and Movies

SOUTH ORANGE, NJ - South Orange Summer Nights are in full swing, with Art in the Park taking place since June, and Concerts in the Park since July 5. In August, there will be a Moonlight Movies series.

All events take place on Floods Hill in Meadowland Park. Event organizers encourage concert-goers to arrive early to order from the food trucks and to pick out a spot on the ...

Upcoming Events

Sun, August 6, 3:00 PM

Livingston High School, Livingston

Free Concert "Italian Vacation" Essex County ...

Arts & Entertainment

Fri, August 18, 9:30 AM

Good Grief, Morristown

Good Grief Volunteer Facilitator Training

Giving Back Other

Sat, August 19, 9:30 AM

Good Grief, Morristown

Good Grief Volunteer Facilitator Training

Giving Back Other

Sun, August 20, 9:30 AM

Good Grief, Morristown

Good Grief Volunteer Facilitator Training

Giving Back Other

Essex County Freeholders Pass Legislation to Support Minority-Owned, Women-Owned and Veteran-Owned Businesses

July 22, 2017

NEWARK, NJ – New legislation has been enacted by the Essex County Board of Chosen Freeholders designed to increase economic opportunity for women-owned, minority-owned, and veteran-owned businesses, county officials announced.

During the Essex County Board of Chosen Freeholders on Wednesday, the board unanimously passed an ordinance that they hope will redefine ...

22-Year-Old Montclair Man Charged Following Road Rage Incident Involving Dog

MONTCLAIR, NJ - Charges have been filed against a 22-year-old Montclair man by the New Jersey Society for the Prevention of Cruelty to Animals (NJSPCA) Humane Police on Tuesday after a video surfaced of the man tossing a dog during a road rage incident.

Humane Police filed animal cruelty charges against Marc Dione, of Upper Montclair, authorities announced.  He was charged with two ...

Lance: Bedminster Receives Secret Service Designation

July 20, 2017

WASHINGTON, D.C. - As it became clear that Trump National Golf Club in Bedminster was one of President Trump's favorite destinations, it also became clear to local officials in Somerset County and in the Somerset Hills that providing security and traffic control could break the bank.  Those worries sould now be in the rear view mirror.

Congressman Leonard Lance today announced his ...

Stepping Up to the Plate, Summit Readies to Host Ninth Annual Restaurant Week July 20-30

SUMMIT, NJ - It's so big that it is a week that will last 10 days.

Summit’s Ninth Annual Restaurant Week will begin Thursday, July 20 and run through Sunday, July 30, and feature more than 30 restaurants and food shops offering prix fixe menus and specials. Restaurant Week will begin with a 'Kick-Off Night' July 20, which will include live music throughout downtown from 6 ...

TAPinto Travels Weekend Event Suggestions

July 20, 2017

With very little rain in the forecast, Northern New Jersey’s weather should be perfect for the many outdoor events taking place this weekend. All of the events featured this week are family friendly with low to no cost admission prices.

Food Truck Festival at the Hermitage

If you have yet to visit Bergen County’s famed Gothic revival museum, you must make it a point to tour the ...

Essex County Splash Park Now Open at Watsessing Park

July 21, 2017

BLOOMFIELD/EAST ORANGE, NJ – On Thursday, July 20, Essex County Executive Joseph N. DiVincenzo, Jr. announced that the expansion to two playgrounds in Essex County Watsessing Park has been completed. Water spray equipment to cool off youngsters when the temperature rises were installed near Dodd Street and a cargo net climber and other new equipment have been installed at the ...

Atlantic Health System Named a Best Workplace in New York Region

MORRISTOWN, NJ - Atlantic Health System, a leading provider of health care in New Jersey, announced it was named to the Great Place to Work® and Fortune’s inaugural list of Best Workplaces in New York.

Atlantic Health System ranked 6th on the list, and was the only New Jersey-based health care system to be highlighted in the New York Metropolitan region.

The new recognition ...

Ellen Marzano Weds Benjamin Chisvette Jr.

Ellen Marzano of Maplewood and Benjamin Chisvette Jr. of Newark were married on July 17, 2017.

The bride is a graduate of Union County College and studied at Rutgers University. She is currently employed as an office manager in Madison, NJ.

The groom is a graduate of Seton Hall University in South Orange and is employed as a cost accountant in Lodi, NJ.

The couple ...