Gebroe-Hammer Associates, one of New Jersey's most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, recently completed a significant multi-family transaction totaling $3.2 million. The sale involved a 46-unit, five-story apartment building on 68-70 Van Reypen Street, Jersey City, N.J.

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

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Release Date: Monday, March 26, 2007

GEBROE-HAMMER COMPLETES $3.2 MILLION MULTIFAMILY TRANSACTION
Deal Involves 46-Unit Apartment Building in Jersey City

JERSEY CITY, N.J., March 26, 2007 – Gebroe-Hammer Associates, one of New Jersey’s most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, recently completed a significant multi-family transaction totaling $3.2 million.The sale involved a46-unit, five-story apartment building on 68-70 Van Reypen Street, Jersey City, N.J.

The Gebroe-Hammer team of Alan Lieberman, vice president, and Benjamin Greenstein, area sales associate, represented the seller and procured the buyer, both of which are long-time loyal Gebroe-Hammer clients. The firm had the exclusivelisting to market the property on behalf of the seller.

The mid-rise brick apartment building is ideally located in the Journal Square section of Jersey City where ongoing urban redevelopment and a burgeoning residential market has created ideal opportunities for investors. “The new owner is planning to renovate the brick building,” stated Lieberman, a 20-year veteran of the firm. The area’s appeal includes its proximity to Metro New York and easy access to the Journal Square PATH station and Journal Square Transportation Center. The property has easy access to  U.S. Route 1 and 9, several blocks north on Tonnele Avenue, and Interstate 78, nearly a mile southeast.

Washington Mutual Bank provided financing for the transaction, which included a new first mortgage at market rates. Richard Stewart, Esq. of Roseland, represented the seller; and Jonathan R. Mehl, Esq. of Rutherford represented the purchaser.

With broad-based experience in real estate representation, the team of Lieberman and Greenstein are able to offer their diverse clients an exceptional level of skill and experience, according to Kenneth Uranowitz, managing director. “This is a well-respected team that has the ability and commitment to make a deal work. Our tenacious approach is what distinguishes Gebroe-Hammer from our competitors in the investment real estate sales industry.”

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Gebroe-Hammer, is the dominant brokerage firm in the New Jersey tri-state region, specializing in investment/sales of multi-family, retail, and office properties. The company provides innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors. Gebroe-Hammer’s proven track record on behalf of its clients has resulted in consistent growth every year since its inception, with a large percentage of repeat business from owners and investors. Most recently, in 2006, the company experienced a record increase of more than 25 percent overall in revenues as compared with 2005, which also was another record-setting year. The firm’s brokerage activity encompasses diverse property categories, ranging from suburban high-rise, mid-rise and garden-apartments to retail and office properties including real estate in urban areas undergoing revitalization and redevelopment initiatives. The company’s prime geographic area of focus includes New Jersey, Pennsylvania and New York, with additional transactions nationwide as well as representation of owners located around the globe.

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