Gebroe-Hammer Associates recently negotiated six multi-family transactions exceeding $11.6 million and involving more than 177 units in Hudson County, which included the sale of 969 Summit Ave. in Jersey City, N.J. (pictured) for $1.325 million.

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

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Release Date: April 24, 2008

GEBROE-HAMMER NEGOTIATES SIX HUDSON COUNTY MULTI-FAMILY HOUSING TRANSACTIONS EXCEEDING $11.6 MILLION
Investors Drawn to Urban Markets as Indicated by Sales Encompassing More Than 177 Units

LIVINGSTON, N.J., April 24, 2008 – Hudson County’s multi-family real estate investments continue to thrive as evidenced by six recent transactions exceeding $11.6 million and involving more than 177 units, announced Ken Uranowitz, managing director of Gebroe-Hammer Associates. As the tri-state’s leading multi-family investment property brokerage firm, Gebroe-Hammer’s professionals handled these acquisitions and/or dispositions on behalf of new and long-term clients.

“Hudson County is an especially vibrant market right now. Today’s investors are seeking properties that boast steady and high occupancy levels, which are fueled by the area’s strategic proximity to New York City mass transit and lower rental rates as compared to Manhattan,” said Uranowitz. “In addition, mid- to hi-rise developments, which once focused on the waterfront, are now spreading to the central parts of cities like Jersey City and Union City.”

In Union City, Gebroe-Hammer is averaging the sale of more than one multi-family building per month. Recently, the firm negotiated the sale of 131 units, in four separate deals, for a total of $8.829 million. Rapidly appreciating multi-family property values also are propelling Jersey City to the forefront of multi-family investment opportunities.

“Location and the city’s renaissance as a 24-hour hub of activity are key factors attracting new investors as well as those with an expansive portfolio throughout the city,” said Benjamin Greenstein, sales associate and Gebroe-Hammer’s most active broker in the Jersey City market. “Strong urban development has contributed toward positioning Jersey City as one of the most desirable areas in the Garden State.”   

According to Greenstein, prices can vary as much as $100,000 per unit between neighborhoods. He recently negotiated the sale of 969 Summit Ave., a 21-unit mid-rise walk-up, sold for $1.325 million, or $63,095 per unit. Located in Jersey City Heights, close to Central Avenue, property features include studio, one- and two-bedroom

apartments fully occupied at the time of the sale. The four-story building was acquired by an individual private New Jersey investor. “The buyer was drawn by the building’s strong location near public transportation and the Holland Tunnel, which is only five minutes away,” explained Greenstein.

Just south of Jersey City is another Hudson County stronghold – Bayonne, which is undergoing an aggressive redevelopment effort. “Bayonne is known for its traditional, close-knit community comprised of single- and two-family residences and low-rise apartment buildings,” said Uranowitz. “Current redevelopment efforts are focusing on The Peninsula at Bayonne Harbor, a planned mixed-used waterfront district featuring residential, light industrial, commercial and recreational space.” Recognizing the area’s potential, a Gebroe-Hammer buyer recently acquired 25 units at 928-930 Avenue C for $1.45 million.
  
According to Uranowitz, heated demand in Hudson County for investment real estate will continue to favor multi-housing family product throughout 2008. “Unsettling economic projections are prompting multi-family tenants to remain in an apartment-rental residence while investors are leveraging the current market conditions and availability of cash to significantly enhance their portfolio,” he said.

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