Gebroe-Hammer Associates recently orchestrated the trade of 168-170 Clinton Ave. (pictured), a two-building, four-story walk up, along with the sale of 205 Monticello Ave., and the disposition of 170-172 Jewett Ave. in Jersey City, N.J. The two transactions, which exceeded $2.93 million, involved 50 units, all of which are located in close proximity to Journal Square, the city's mass transit hub.

Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039

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Release Date: January 5, 2009

GEBROE-HAMMER CLOSES $3.9 MILLION IN MULTI-FAMILY HOUSING SALES IN JERSEY CITY
Multi-Family Investment Properties Sustain Momentum Along The Gold Coast

JERSEY CITY, N.J., Jan. 5, 2009 – Multi-family investment sales have sustained momentum along the Gold Coast, with Jersey City being one of the most sought-after locales in the state, according to Gebroe-Hammer Associates. The Livingston-based commercial real estate investment brokerage firm recently closed two transactions, totaling more than $3.9 million, for 50 units in the city.

“Hudson County’s multi-family sales volume remains consistent despite the current economy and a lack of supply of for-sale properties to meet investor demand,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “Proximity to Manhattan and the continued demand for apartment-rental housing are fueling this market’s healthy investment pace, unlike other commercial property types, which is expected to carry over well into 2009."

David Jarvis, executive vice president, and Benjamin Greenstein, sales associate, orchestrated the disposition of 205 Monticello Ave., near Journal Square, and 168-170 Clinton Ave., a two-building, four-story walk up, for a combined total of $2.93 million. Alan Lieberman, vice president, and Greenstein also negotiated the sale of 16 fully occupied units at 170-172 Jewett Ave. for $975,000.

Featuring all-brick exterior façades and a mix of one-, two- and three-bedroom layouts, the Monticello and Clinton Avenue properties are in good condition. A former historic warehouse site, the Monticello Avenue property has been fully updated with new interiors and cell towers. Both properties boasted a 95% combined occupancy at the time of sale. The two buildings are centrally located in the city and within walking distance of shopping and the Journal Square Path train station.

Gebroe-Hammer procured the buyer, DKCS, LLC, and represented the seller, a private New Jersey-based corporation. Legal representation was provided by Richard Stewart, Esq., of Lasser Hochman LLC, in Roseland, N.J., and Robert K Brown Esq., of Epstein Brown & Gioia, LLC, of Chatham, N.J., respectively.
Also in close proximity to Journal Square and in very good condition, the Jewett Avenue property was acquired by an undisclosed private investor from 170-172 Jewett LLC. Barry Wenger, Esq., of Spring Valley, N.Y., and Jonathan Mehl, Esq., provided legal counsel on behalf of the seller and buyer, respectively.

“The Jersey City market draws many young professionals who recognize the city’s key features as an affordable, convenient location,” said Greenstein. “These renters, who have traditionally been priced out of New York City's apartment market, value Jersey City’s wide variety of apartment living options and lifestyle offerings.”

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm. In addition to its strong presence throughout New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITS, private equity firms and other institutional investors.

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Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752