East Orange Buildings Sell For $12M: South Grove, North and South Harrison, New Streets

East Orange, NJ - A Livingston-based real estate firm has arranged the $12 million sale of a four-building, multi-family portfolio in East Orange, the company announced Monday.

According to Gebroe-Hammer Associates, which exclusively represented the seller and procured the buyer, the properties at 24 South Grove, 25 North Harrison and 235 South Harrison and 107 New Streets include 264 living units.

A company news release states that the five-story, 43-unit midrise at 24 South Grove Street features a front courtyard and a mix of studio and one-bedroom layouts, while the 25 North Harrison Street property is comprised of 73 units. To the south of these two properties is the 84-unit property at 235 South Harrison, a mid-rise building with on-site parking, and the 64-unit, five-story property at 107 New Street.

“East Orange’s greatest assets are its mass transit links, which have drawn copious private investment that is the on-going stimulus for revitalization initiatives as well as the introduction of millennials into the tenant-base demographic,” Gebroe-Hammer Managing Director David Oropeza said. “As a result, East Orange’s population renting percentage continues to climb and exceed the state average.”

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Photo: 107 New Street in East Orange, via CMM Strategic Communications