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

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Release Date: January 29, 2008

GEBROE-HAMMER’S GREG PINE NEGOTIATES MORE THAN $44 MILLION IN BERGEN COUNTY SALES
Activity Involves Eight Multi-Family Properties and Nearly 300 Rental Units

LIVINGSTON, N.J., January 29, 2008 – Greg Pine, vice president of Gebroe-Hammer Associates, recently completed six multi-family investment transactions involving eight properties and 299 rental units in New Jersey’s highly competitive Bergen County market. The activity included five properties in Hackensack, two in Teaneck, and one in Bogota. The combined value of the sales activity exceeded $44 million.

Pine has seven years of broad-based experience at Gebroe-Hammer and focuses on the Northern New Jersey marketplace. The firm is the dominant multi-family investment brokerage firm in the tri-state region, and Pine is one of its top producers.

“Bergen County (www.co.bergen.nj.us) is among the most desirable markets in the state with well-financed buyers competing for a tight supply of quickly appreciating properties,” noted Pine. “Many of these transactions required no financing and were paid for entirely in cash.” 

Two of the all-cash sales involved four properties from the Ann Foschini Estate: a 24-unit apartment building at 230 Polifly Road in Hackensack, and the two-building, 24-unit Riverside Terrace at 114-138 River Road in Bogota. Pine represented the estate and procured the buyer, a long-time Gebroe-Hammer client. Mitchell Abraham, Esq. of Cole Shotz Meisel Foreman & Leonard in Hackensack, N.J., represented the buyer.

In addition, Pine teamed with Senior Vice President David Jarvis in the two-building sale of the Grand Imperial, a 74-unit building at 345 Prospect Street, and the Imperial, a 51-unit building located across the street at 390 Prospect Street. Tom Cohn, Esq. of Wolf Block Brach Eichler in Roseland, N.J., represented the buyer, another long-time Gebroe-Hammer client. Two attorneys from the Law Firm of Joel and Joel in Oradell, N.J., represented the Foschini estate in all of the sales.

In a separate transaction, also in Hackensack, Pine negotiated the sale of 222 Elleen Terrace, a fully-occupied 32-unit apartment building located on the corner of Polifly Road. Built by the seller’s father, the property had remained in the family since the

1950s. The purchaser, a long-time Gebroe-Hammer client, plans extensive renovations. Stephen H. Roth of Hackensack represented the seller; Paul Giblin of Giblin & Giblin in Oradell represented the buyer.

Pine recently closed another deal in Hackensack as well, at 403 Prospect Avenue. The two-building, 38-unit complex was sold in an all-cash transaction.

Sales Include Two Teaneck Buildings

Pine’s activity also involved the trade of Parkview Commons, a class-A apartment building located at 333 Willow Street in Teaneck, N.J. This is one of the most unique multi-family properties in the county, consisting of 38 well-appointed two-bedroom apartments, doorman service, underground parking and a key location near the Marriott at Glenpointe. “The per-unit price for the property was more than $266,000, an astounding number in this particular market,” Pine said. “It is also noteworthy that the buyer paid a significant amount of cash up front.” The seller originally built Parkview in 2004. The buyer is an active investor/client of Gebroe-Hammer. Richard R. Kahn of Winne, Banta, Hetherington Basralian & Kahn, P.C. represented the seller. Andrew Albstein and Richard Merz of Goldberg Weprin & Ustin of New York represented the buyer.

Also in Teaneck, Pine negotiated the sale of a three-story mixed-use building at
7 Amsterdam Avenue. The all-cash transaction involved 19 apartments and four retail units ranging from 500 to 600 square feet occupied by a hair-salon, a health food store and a billiard events office. The property is 100-percent occupied. Pine represented the seller, while Gebroe-Hammer Sales Associate Elliot Schechter, procured the buyer.

“This building is in excellent condition,” Pine noted. “Its appealing 1920’s Tudor-style architecture and central location between Teaneck Road and Queen Anne Road, near shopping, dining and buses to Manhattan, make it a strong property both aesthetically and functionally.” The seller recently improved the property’s roof and plumbing, and the buyer plans to upgrade the retail component. Arnold Litt, Esq. and Nilufer O. DeScherer, Esq. of Herten, Burstein, Sheridan, Cevasco, Bottinelli, Litt & Harz, L.L.C. represented the seller, Amsterdam Associates LLC. Ronald Ofeck, Esq. of Ofeck Heinze represented the buyer, an individual investor based in N.J. Both law firms are located in Hackensack.

“Greg Pine is an astute professional who understands the complexities of the business from building relationships to closing difficult transactions.” said Ken Uranowitz, managing director of Gebroe-Hammer Associates. “In addition to being one of our top brokers, he has emerged as a true company leader, supervising three sales associates in Hudson, Union and Morris Counties.”

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