The final month of '06 at Gebroe-Hammer involved the Ocean County sale of Washington Square Apartments, a 144-unit, two-building complex in Lakewood that incorporated approximately 20,000 square feet of high-end retail stores.

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

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Release Date: Thursday, January 25, 2007

GEBROE-HAMMER ACHIEVES MILESTONE MONTH IN DECEMBER ’06 WITH 13 SALES TOTALING MORE THAN $132 MILLION
Activity Involves 1,845 Multi-family Units and 20,000+ Sq. Ft. of Retail Space

LIVINGSTON, N.J., January 25, 2007 - Gebroe-Hammer, one of New Jersey's most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, has announced milestone activity in December with 13 sales valued in excess of $132 million. The record-smashing month included transactions in New Jersey, New York and North Carolina and involved the sale of 1,845 residential units and more than 20,000 square feet of retail space, capping one of the company's most active periods since its founding in 1975.

The diversity and quality of multi-family product represented by Gebroe-Hammer brokers, combined with their years of experience, professionalism and tenacious approach distinguishes the firm from its competitors in the investment real estate sales industry according to Kenneth Uranowitz, managing director.

"The steady increase in our activity is the result of many loyal clients who trust us and continue to rely upon our expertise in specific markets throughout the region," he said. "They look to us to handle their sales and investments time and again, bringing us to new areas and helping us achieve new milestones."

The December activity in New Jersey included two major deals spearheaded by Joseph Brecher, senior vice president, along with Barry Mermelstein and Steven Follman, area sales associates. This included a property package sale in Camden County involving Coachman Manor, a 546-unit, 30-building complex in Lindenwold; and The Village of Haddonfield, a 324-unit, 32-building complex. In Ocean County, the team negotiated the sale of Washington Square Apartments, a 144-unit, two-building complex in Lakewood that also incorporated approximately 20,000 square feet of high-end retail stores.

In Hudson County, Robert Ploshnick, managing director, and Scott Callahan and Greg Pine, vice presidents, negotiated the Kearny sale of 52 Liberty Street, a 36-unit complex. In addition, Alan Lieberman, vice president, and Benjamin Greenstein, area sales associate, sold 46 units in Jersey City on Van Reypen Street, and Scott Callahan negotiated the sale of 1401-1405 New York Avenue in Union City, a 12-unit building with one retail store. The company also handled three sales in West New York: Scott Callahan, along with Benjamin Greenstein and Elliot Schechter, area sales associates, negotiated the sale of 51 units and four retail stores at 204 -214 60th Street and 6002 Filmore Place. In addition, Callahan negotiated the sale of 6310 Broadway, an 18-unit building with two retail stores.

In Passaic County, Robert Ploshnick, managing director, David Jarvis, vice president, and Jay Lombardo, area sales associate, negotiated the sale of the 96-unit Preakness Commons in Wayne. In Warren County, Joel Schwartz, executive vice president, and Elliott Schechter arranged the sale of the 45-unit Washington Railroad Apartments in Washington. And in Essex County, Kenneth Uranowitz and Elliott Schechter arranged the sale of 63 Elm Street, a 39-unit complex in Montclair, N.J.

In Rockland County, N.Y., Joseph Brecher and Steven Follman also negotiated the sale of the Mountainside Apartments, a 227-unit building in Garnerville.

A large percentage of the company's activity involves repeat business from existing clients, and the December sales activity included such a transaction, in Charlotte, N.C. where Brecher negotiated the sale of Vista Villas, a 238-unit complex. Brecher worked on behalf of an owner who he previously represented in several other sales including Middletown Trace, a 508-unit complex in Langhorne, Pa., and Treetop Apartments, a 216-unit complex in Highland Park, N.J.
Firm Continues Record-Setting Growth and Repeat Business from Clients

Following steady incremental growth every year since its inception, Gebroe-Hammer experienced a record increase of more than 25 percent overall in revenues in 2006 as compared with 2005, which was another record-setting year.

Mel Gebroe, founder and CEO of Gebroe-Hammer Associates noted: "Gebroe-Hammer has consistently produced year-by-year increases for 31 years, regardless of economic trends, social changes, or the vagaries of market conditions."

"Ever since our founding, we have always outpaced the prior year's numbers in sales volume and units sold, even during the bumpy times in the late 1980's and early 1990's," Uranowitz added. "As we entered the 21st Century, interest rates began to plummet, the stock market was stumbling, and demand for real estate was surging. As a result, our sales were off the charts in 2004 and 2005, the latter recording almost three quarters of a billion dollars."

According to Uranowitz, as 2006 came to a close, the state of the economy showed an upward trend. "Gebroe-Hammer took maximum advantage of the burgeoning multi-family investment market, low interest rates and our unique ability to list and offer quality investment products. As a result, we continued to provide unique growth opportunities for our clients, and logged sales that shattered all of our previous records."

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