Chelsea Ridge Apartments, Wappingers Falls, NY

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

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Release Date: Jan. 5, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES CLOSES TWO APARTMENT SALES IN DUTCHESS COUNTY, NY
Transactions Include Large Luxury Upstate Communities Totaling 1,196 Units

LIVINGSTON, N.J., Jan. 5, 2010 – In one of upstate New York’s largest multi-family investment trades this year, Gebroe-Hammer Associates recently orchestrated the acquisition of 1,196 total units at two luxury garden-apartment complexes in Dutchess County, N.Y. Executive Vice President Joseph Brecher represented the buyer, The Solomon Organization, a long-time Gebroe-Hammer client, in both transactions.

Chelsea Ridge, is an 844-unit complex in Wappingers Falls, N.Y., and the 352-unit Hudson Harbour Apartments are in Poughkeepsie, N.Y. Combined, the two upscale properties exceed 1 million square feet and more than 125 land acres.

“This experienced buyer sought to expand its presence and holdings, which extend from Connecticut and New York to New Jersey and Pennsylvania, into southeastern New York State with the addition of these high-quality investments,” said Brecher, who has represented the client for the past several years. “Like all commuter communities within the Hudson Valley, Wappingers Falls and Poughkeepsie are multi-family investment hotbeds because of the favorable travel distance to New York City and the exceptional upscale country-club-like lifestyle amenities that can be incorporated into suburban apartment complexes.”

As the northernmost county in the New York metropolitan area, Dutchess County has rapidly evolved into a residential suburban community favored for its rolling hills and Hudson River views by New York City and White Plains commuters. The area is served by a vast transportation network of highways, including I-84, U.S. 9 and 44, the Taconic State Parkway and N.Y. 55 and 199; Metro-North and Amtrak rail service; and Adirondack Trailways and Short Line Bus lines.

Located at 1 Chelsea Ridge Mall, the Chelsea Ridge complex is just 60 miles north of New York City. All one-, two- and three-bedroom units have recently been remodeled with eat-in kitchens, new cabinetry, high-end appliances and new flooring and baths. Community amenities include an outdoor pool and tennis courts; playground; market, pizzeria and deli; dog park; fitness center; movie room; and lounge.

In the nearby county seat of Poughkeepsie, Hudson Harbor is situated at 9 Hudson Harbour Drive near the downtown area. The luxury apartment-rental garden community is convenient to local shopping, dining and entertainment. Offering eight different spacious floor plan choices with a mix of one, two- and three-bedroom layouts, the complex features designer elements such as cathedral ceilings, skylights, breakfast bars, private balconies or patios and walk-in closets. Recent upgrades include newly renovated kitchens and baths.

“In just a few months, Joseph was able to identify these high-caliber properties, negotiate each sale, facilitate the financing and close both transactions simultaneously – all of which require superior market expertise and the unique ability to understand the needs of your investor clientele,” said Ken Uranowitz, Gebroe-Hammer’s managing director.

Alan Hammer, Esq., of Brach, Eichler LLC, of Roseland, N.J., along with Allen Popowitz, Esq., and Alois Habjan, Esq., comprised the legal team on behalf of the buyer.

Gebroe-Hammer Associates is the region’s dominant real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New York, Gebroe-Hammer is active throughout New Jersey and Pennsylvania, including Philadelphia. 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