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

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Release Date: Thursday, May 10, 2007

GEBROE-HAMMER’S JARVIS AND LOMBARDO TEAM UP IN $2.4 MILLION SALE OF BELLEVILLE MULTI-FAMILY COMPLEX
Transaction Represents Highest Per-Unit Apartment Sale in the City

LIVINGSTON, N.J., May 10, 2007 – Gebroe-Hammer, one of New Jersey’s most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, negotiated the $2.4 million sale of Crestview Arms, a 17-unit apartment complex in Belleville, N.J. David Jarvis, vice president, and Jay Lombardo, area sales associate, represented the seller and procured the buyer in the transaction, both of which are long-time loyal Gebroe-Hammer clients.

“The property sold for more than $141,000 per unit, making it by far the highest price per-unit sale ever in Belleville,” Lombardo said. “The seller owned the property for more than 25 years and was ready to retire and capitalize on the current heated demand for multi-family properties.”

Belleville is situated near Newark, N.J., with excellent access to Routes 7 and 21 as well as County Road 506. “It is considered a high barrier-to-entry location, commanding a premium price because it is so rare that a property in this town ever comes on the market,” noted Kenneth Uranowitz, managing director of Gebroe-Hammer.

“Jarvis and Lombardo are a dedicated team who are well-versed in working through complex transactions and overcoming any problems that may arise while closing a deal,” he added.

Attorney Tom Cohn of Wolf Block Brach Eichler of Roseland represented the buyer in the Belleville sale, and Robert A. Gaccione, Esq. with Gaccione, Pomaco & Malanga of Belleville, represented the seller.

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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. 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