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

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Release Date: Tuesday, May 15, 2007

GEBROE-HAMMER’S SCOTT CALLAHAN COMPLETES FOUR MULTI-FAMILY SALES IN HUDSON COUNTY DURING FIRST QUARTER 2007
Activity Involves Approximately $8.1 Million and Six Residential Buildings

LIVINGSTON, N.J., May 15, 2007 –  Scott Callahan, vice president of Gebroe-Hammer Associates, one of the most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties in the N.J. tri-state region, completed four multi-family transactions in Hudson County during the first quarter of 2007.  The sales, which involved four buildings in Union City and two in Bayonne, are valued in excess of $8.1 million.

Union City
In Union City, Callahan sold a 37-unit apartment complex and a three-property multi-family package with 86 units. In both transactions, Gebroe-Hammer had the exclusivelisting to market the properties on behalf of the seller, and Callahan represented the sellers and procured the buyers, both of which are long-time Gebroe-Hammer clients.

Attorneys involved in the first transaction included Walter J. Fessler, Esq. of Lum Danzis Drasco & Positan LLC, Roseland, N.J., on behalf of the seller; and Barry Cohen, Esq. of Warwick, N.Y., for the purchaser.

New Jersey attorneys involved in the three-property package sale were Bruce Rosenberg, Esq., Hackensack, representing the buyer; and Steve Lisik, Esq., Newark, representing the seller. Financing for this transaction included a new first mortgage at market rates from Sovereign Bank.

Bayonne
In Bayonne, the Gebroe-Hammer team of Callahan and Alan Lieberman, vice president, handled the bulk sale of 17 condominium units within a converted four-story building located near the Kill Van Kull channel. In addition, Callahan sold a five-unit apartment building in midtown.

Attorneys for the bulk condominium sale were Jonathan Mehl, Esq. of Rutherford, representing the seller; and Rocco Labella, Esq. of Fero, LaBella and Zucker representing the purchaser.

Charles Sachs, Esq., based in Bayonne, represented the seller in the five-unit apartment building sale.

One of Gebroe Hammer’s most successful brokers, Callahan has 32 years of broad-based experience in real estate representation at Gebroe-Hammer. According to Kenneth Uranowitz, managing director, Callahan offers his clients a great deal of skill, know-how and market knowledge. “He is consistently one of the firm’s top producers with a long history of outstanding sales achievements,” Uranowitz said.

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Gebroe-Hammer Associates, 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