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

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Release Date: January 9, 2008

GEBROE-HAMMER ASSOCIATES COMPLETES THREE-BUILDING EXCHANGE IN NEWARK FOR $7.4 MILLION
Portfolio Sale Includes 130 Multi-Family Units in Weequahic Neighborhood

Newark, N.J., January 9, 2008 – Gebroe-Hammer Associates, an acknowledged leader in New Jersey’s investment real estate brokerage industry, recently completed the $7.4 million trade of a three-property portfolio in Newark, N.J.’s Weequahic neighborhood.  The sale consisted of 130 rental units at three multi-family complexes located at 129 Chancellor Avenue and 595 and 603 Elizabeth Avenue. Sales Associate Elliot Schechter and Executive Vice President David Oropeza represented the seller and Senior Vice President David Jarvis procured the buyer in the transaction.

129 Chancellor Avenue is a three-story apartment building comprised of 50 units. 603 Elizabeth Avenue is a six-story elevator building with 55 units, while 595 Elizabeth Avenue is a 2 ½  story garden apartment complex consisting of 25 units. The fully occupied properties contain a mix of studio, one- and two-bedroom apartments, including a number of two-bedroom, two-bath units, which are uncommon in Newark.  The properties are located near I-78, convenient to both the Garden State Parkway and the NJ Turnpike. Public buses are available nearby.

“The properties offer sizable units near Weequahic Park,” said Schechter. “The buyer thought  the buildings represented a good opportunity to take part in Newark’s ongoing rebirth.”

The seller, a long-time owner of the properties, was looking to capitalize on the appreciating values in Newark’s real estate market. The buyer, an investment group, is planning upgrades to the property including new windows and renovations to the kitchens, bathrooms and roofs as needed. 

The seller was represented by Yaron J. Kornblum, Esq. from Rivkin Radler LLC of Uniondale, New York. The buyer was represented by Larry Raiss, Esq. of Feinstein Raiss Kelin & Booker, LLC of West Orange, N.J.

“New developments, beginning with the NJPAC ten years ago and continuing with the

recently opened Prudential Center, have sparked increased interest in Newark,” said Ken Uranowitz, managing director of Gebroe-Hammer Associates. “Our team consists of the most experienced brokers whose expertise in urban markets is unrivaled in the industry. Their extensive market knowledge enables investors to capitalize on the city’s resurgent multi-family real estate market.”

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