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Sales Associates Jay Lombardo and Michael Petrak, along with Executive Vice President David Oropeza of Gebroe-Hammer Associates, recently completed the $2.5 million sale of 19 Park Avenue (pictured), a 24-unit apartment building in Paterson, N.J. Gebroe-Hammer Associates Download Word Doc: Click Here Release Date: January 16, 2008 19 PARK AVENUE IN PATERSON TRADES FOR $2.5 MILLION PATERSON, N.J. , January 16, 2008 – Sales Associates Jay Lombardo and Michael Petrak, along with Executive Vice President David Oropeza of Gebroe-Hammer Associates recently completed the $2.5 million sale of 19 Park Avenue, a 24-unit apartment building in Paterson, N.J. At $89,000 per-unit, this transaction represents one of the highest priced per-unit sales in the city. An industry leader for more than three decades, Gebroe-Hammer is among the tri-state region's most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties. “Part of what makes the property so unique for Paterson is that all of its units are two-bedroom apartments,” said Lombardo, who procured the buyer, Family Realty, LLC, which was looking to upgrade its Paterson portfolio. Oropeza represented the seller, 19 Park Avenue LP. The well-maintained four-story walkup is located on the corner of Park Avenue and Straight Street in the heart of Paterson. The seller installed new boilers before the sale. The buyer plans several improvements including an upgrade of the electrical system. Trains and buses to New York City are available near the property, which was close to 100 percent occupied at the time of sale. Bennett Wasserstrum of Wasserstrum & Fabiano of Clinton, N.J., represented the buyer. Larry Raiss of Feinstein, Raiss, Kelin and Booker of West Orange, N.J., represented the seller. Recently, the team of Lombardo and Petrak were involved in another Gebroe-Hammer sale in Paterson, the $1.1 million sale of a 12-unit multi-family residential building at 167 East 31st Street, which sold for $92,500 per unit, another high number for the city. “The preponderance of high-priced deals in Paterson shows that people see the potential value of its multi-family market,” said Ken Uranowitz, managing director of Gebroe-Hammer. “The city is very densely populated, and quality properties like 19 Park Avenue stay consistently full.” ### Gebroe-Hammer Associates 
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