Bayonne multi-family sale completes purchaser's 1031 exchange plans.
One of the most challenging brokerage assignments was sealed in big league fashion by the Gerber/ Somma Organization when the Hackensak-based investment property specialist firm arranged the sale of the Midtown Arms, a 4-story threebuilding 100 x 118 s/f multi-family complex at 548-554 Avenue C, Bayonne, NJ.Ideally located in one of the prime investment areas of Hudson County the 48- unit mixed use apartment development enjoys easy access to an arterial network of highways leading to the turnpike, tunnels and Newark Liberty Airport.
The sale, valued in excess of $3 million was reported by G/S officials Harold Gerber and Frank Somma who noted that the deal was handled by sales director Vito Degennaro, whose reputation as a dealmaker has been solidified by the success of this transaction.
According to Degennaro, the sale loomed as a Herculean task since the purchaser's main focal point was designed to complete a tax-free exchange. Time was of the essence and contracted signing, due diligence, mortgage financing and closing of the title were all accomplished within the IRS "1031" time constraints. Built about the turn of the 20th Century, the 48-unit houses layouts ranging in size from 4 one-bedroom units to 38 two-bedroom suites topped-off with 6 commercial stores. Tenants pay all utilities and Bayonne's rent ordinance had promulgated vacancy de-control a short while back.
The Hackensack law firm of Ferro, LaBella & Zucker Handled the legal details for the seller while the purchaser was represented by Sokol, "Behot and Fiorenzo.
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| Title Annotation: | NEW JERSEY |
|---|---|
| Publication: | Real Estate Weekly |
| Date: | Oct 4, 2006 |
| Words: | 248 |
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