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 Gebroe-Hammer Associates Download Word Doc: Click Here Release Date: Feb. 12, 2009 GEBROE-HAMMER CLOSES $1.5 MILLION SALE OF SEA WEST MANOR IN LONG BRANCH, NJ LONG BRANCH, N.J., Feb. 12, 2009 – Gebroe-Hammer Associates has orchestrated the trade of Sea West Manor, a 20-unit garden apartment complex in Long Branch, N.J., for $1.5 million. The transaction was negotiated by Steven Follman, area sales associate, on behalf of the seller, Brott Realty, and the buyer, Sea West Apartments, LLC. Located at 559 2nd Ave., just two blocks from the beach in Long Branch’s prestigious West End neighborhood, the well-maintained building features a brick/stucco façade along with 10 studio, 8 one-bedroom and 2 two-bedroom units. The property was 95 percent occupied at the time of sale. “Gebroe-Hammer recently advised Brott Realty, a long-time client, to market Sea West Manor because the property no longer reflected the size or scope of other properties within its current portfolio,” explained Follman, who recently sold another Long Branch property, Lloyd Manor Apartments, a 70-unit garden apartment complex, on behalf of this seller. Strategically situated along Monmouth County’s coastline, Sea West Manor and the surrounding neighborhoods continue to attract city dwellers seeking the benefits associated with living near the beach and reduced rentals as compared to Manhattan. Offering direct highway access to the Garden State Parkway, the region also connects to New York City and northern New Jersey via New Jersey Transit trains running on the North Jersey Coast Line. The main train station is within walking distance of 2nd Avenue. “The sale of Sea West Manor indicates a prevailing demand within Monmouth County for existing, smaller, well-maintained investment properties in this economy,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “Conditions for the disposition and acquisition of these types of properties are favorable for sellers and buyers, many of whom are engaging in all-cash transactions. Financing also is readily available to buyers due to the low risk factor associated with this type of investment as compared to other real estate classes.” Gebroe-Hammer Associates specializes in the sale of multi-family, retail and commercial properties throughout New Jersey, Pennsylvania, and New York as well as along the East Coast. Clients include private owners, REITS, private equity firms and other institutional investors, many of whom maintain long-term associations with the 34-year-old firm. Legal counsel for the Sea West Manor transaction was provide by John Bonello, Esq., of Mann & Bonello in Long Branch, N.J., and Sanford Brown, Esq., in Asbury Park, on behalf of the seller and buyer, respectively. ### Gebroe-Hammer Associates 
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