Frank Somma, co-founder of real estate brokerage firm Gerber/Somma Associates of Hackensack, New Jersey, announces the founding of Somma Associates LLC, a new firm specializing in multi- family apartment sales and commercial real estate brokerage. “The new company brings positive change and opportunities to emphasize our strong tradition of expertise in multi-family investment properties,” says Somma.
Vito DeGennaro, former director of sales at Gerber/Somma, is now a broker/salesperson at Somma Associates. “Vito is well known in the industry and has an exceptional client base,” says Somma. “We have launched a new website, www.sommarealestate.com and we are actively looking for new talent to build our team.”
Somma and DeGennaro have decades of industry expertise. Both have brokered numerous apartment building and commercial property sales throughout the state, with a special focus on Hudson, Bergen and Essex and Monmouth counties.
Somma says the demand for multi-family apartment investments is strong and the market is one of the most robust he has ever seen. “Investors come to us everyday,” he says. “Multi-family apartment buildings are considered to be one of the safest real estate investments.
“In today’s market, most multi-unit residential construction is for rental properties rather than condos,” says Somma. “This trend makes older multi-unit rental properties more valuable than ever because the rents are more affordable than new construction rents.”
The landscape for obtaining exclusive multi-family apartment assignments is highly competitive. “Market knowledge and long-term industry relationships are vital in our business,” says Somma. “Both Vito DeGennaro and myself have proven track records of negotiating and structuring optimum deals for our clients.”Related Articles: