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

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Release Date: Jan. 21, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER RECORDS HISTORIC Q4 2009 WITH $174+ MILLION IN 15 SEPARATE MULTI-FAMILY SALES
Key Transactions Involve More Than 2,000 Units from South Jersey to Upstate New York

LIVINGSTON, NJ, Jan. 21, 2010 – As demand for multi-family investments became more heated, property sales ramped up in the last three months of 2009 when more than 2,000 units across New York and New Jersey traded in 15 separate deals orchestrated by Gebroe-Hammer Associates of Livingston, N.J. This heightened activity involved a series of prominent mid-to-large-sized property transactions, which exceeded $174.35 million, in southeastern New York State and northern, central and southern New Jersey.

“This was a historic fourth quarter for our firm as the multi-family investment market rallied, clearly demonstrating that apartment-rental buildings are far more resilient than any other real estate class, including office, retail and industrial,” said Ken Uranowitz, Gebroe-Hammer's managing director. “Based on these closings and current deals in the pipeline, we expect this trading velocity to continue into 2010.”

According to Uranowitz, multi-family investments are favored by local savings and loans and community banks, which have emerged as the leading lenders in today’s economy. This is primarily because apartment buildings are considered to be a less volatile investment risk due to its residential status and the basic need for housing. In addition, the rental pool remains consistently strong.

“For the past 12 to 18 months, potential first-time homebuyers have been rendered inactive by high rates of unemployment and a lack of income stability. It will take some time for any noticeable improvement, not just in real data, but more importantly, from a psychological vantage point,” he said.

In the largest recent transaction, Gebroe-Hammer represented the buyer, an unnamed long-time client, in the acquisition of two luxury garden-apartment-rental communities in New York’s mid-Hudson Valley. The firm identified the well-maintained, amenity-rich properties and negotiated the sale of all 1,196 units.

New Jersey’s Multi-Family Market Surges with High Demand, Short Supply
In New Jersey, investors are targeting existing small-to-mid-sized properties in Bergen, Hudson, Essex and Union counties because of their consistently high occupancy rates and proximity to mass transit and large employment centers, including New York City, Newark and Jersey City.

“This area, from stable urban strongholds to high-barrier-to-entry suburban markets, is becoming more fertile in terms of multi-family activity,” said Uranowitz. “With new construction of multi-family units virtually non-existent, due to a dry pipeline of new development financing as well as open space initiatives, the supply of for-sale apartment buildings cannot keep pace with investor demand.”

Market highlights include three separate transactions involving a total of 179 units in the heart of Hackensack; Elizabeth, near Kean University; and Tuckerton, which is just 18 miles north of Atlantic City. The firm’s brokerage professionals also orchestrated the $9.75 million trade of a nine building, 144-unit portfolio in Hudson County.

"Gebroe-Hammer has demonstrated its ability to respond to an unprecedented economic cycle, as it always has throughout its 35-year history. We remain committed to the principles and teachings imparted by our iconic founders, Mel Gebroe and the late Morris Hammer, to represent our clients’ property acquisition or disposition interests with the highest level of integrity, hard work and the utmost expert professionalism,” Uranowitz said.

Gebroe-Hammer is the region’s dominant real estate investment brokerage firm, specializing in the sale of multi-family, retail and commercial properties. In addition to New Jersey and New York, the firm is active in the Philadelphia, Pa., market. 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