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

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Release Date: Monday, March 15, 2007

GEBROE-HAMMER COMPLETES SALE OF 96-UNIT GARDEN APARTMENT COMPLEX IN WAYNE

WAYNE, N.J., March 15, 2007 – Gebroe-Hammer, New Jersey's dominant real estate brokerage firm specializing in the sale of multi-family, retail and commercial investment properties, has arranged the sale of Preakness Commons, a 96-unit garden apartment complex located at 437 Valley Road in Wayne.

Gebroe-Hammer’s Robert Ploshnick, managing director, along with David Jarvis, vice president; and Jay Lombardo, area sales associate, negotiated the transaction. The building was owned by Roseland/Nellis LLC of Short Hills and sold to Wayne Hills LLC of Livingston. The project, a low- to moderate-income housing complex, was completed in 1999 and 100 percent occupied at the time of the sale. The team represented the buyer and seller, both of which are long-time loyal Gebroe-Hammer clients.

Attorney Tom Cohn of Wolf Block Brach Eichler of Roseland represented the buyer. Attorneys Edmund A. Mikalauskas and Adam M. Haberfield of Orloff, Lowenbach, Stifelman & Siegel of Roseland represented the seller.

The transaction was financed through the New Jersey Housing and Mortgage Finance Agency. “It took six months for this complicated transaction to get approvals from the various state agencies, which regulate the income parameters and rental rates of the low- to moderate-income tenancy,” explains Ploshnick. These delays were anticipated by all the parties involved since the housing was subsidized, requiring approvals by state bureaucracies.

Mr. Ploshnick has been with the firm since its founding and routinely works with many loyal clients who rely on his expertise in the New Jersey marketplace. He began his career at Gebroe-Hammer in an entry-level position, rising through the ranks to a top management position. In the past few years, he has negotiated approximately one billion dollars worth of transactions. “Our long-time customers have relied on us time and again to steer them through the maze of financing approvals and regulations.”

“This transaction highlights our brokerage teams’ extensive expertise in the multi-family sector and their continued commitment to meet the specific needs of our clients,” explains Kenneth Uranowitz, managing director. “This is a highly qualified team that is adept at dealing with complex transactions and overcoming any obstacles that invariably arise while closing a deal.”

Wayne is located in Passaic County, less than 20 miles from midtown Manhattan. The town was recently rated by Money magazine as one of America’s top communities, ranking at number 32 in the magazine's top 100 list among towns in the nation with populations greater than 50,000.

Gebroe-Hammer has consistently set new records for sales and numbers of residential units sold. In the month of December, for example, the Gebroe-Hammer brokerage team arranged more than $132 million in 13 sales. This milestone activity 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. In fact, 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.

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