Gebroe-Hammer’s Vice President Greg Pine closed eight transactions valued at more than $57 million in the past 16 months. All of the properties were located in Bergen County, including the $10.12 million sale of Parkview Commons (pictured) in Teaneck, N.J.

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

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Release Date: May 22, 2008

GEBROE-HAMMER NEGOTIATES SALE OF 24-UNIT GARDEN APARTMENT COMPLEX IN TEANECK, N.J., FOR $3.15 MILLION
Firm Closes Eighth Deal in 16 Months in one of the Hottest Multi-Family Investment Markets

TEANECK, N.J., May 22, 2008 – Gebroe-Hammer Associates, the tri-state region’s leading multi-family investment brokerage firm, recently negotiated the $3.15 million sale of 171-183 Ft. Lee Rd., a 24-unit garden apartment complex in Teaneck, N.J. Greg Pine, vice president, represented the seller and procured the buyer.

“Teaneck is the second most populous municipality in Bergen County, the most populous county in the state of New Jersey. As such, there is robust demand by a growing tenant pool for top-quality multi-family housing, resulting in occupancy levels throughout Teaneck and the surrounding area that consistently top out at 100 percent,” said Pine. “This demand is fueling a rapid rate-of-appreciation in the multi-family housing investment arena, where buildings do not remain on the market for very long. For well-maintained product across all class categories, off-market transactions have become the norm.”   

Located between Beech and Woodbine streets near Amman Park, the two-story four-building complex features 8 one- and 16 two-bedroom apartments. The brick-façade property is 99 percent occupied and sold for $130,000 per unit. Located in close proximity to NJ Transit bus and rail lines, as well as Routes 4 and I-80 and the New Jersey Turnpike, the complex is ideal for commuters who travel to New York City and other locations throughout New Jersey.

“While the property is in good condition, the buyer plans to launch interior kitchen, bathroom and flooring upgrades as well as enhance the exterior landscaping to maximize occupancy and asking rents,” said Pine, who noted Beech Lee Associates, the seller, had owned the complex since the 1960s. “Although the property was in the family for more than 40 years, the seller decided to leverage the asset at a time when mortgage interest rates are low and buyer demand throughout Bergen County is high.” 

On nearby Willow Street in Teaneck, Pine also recently handled the $10.12 million sale of Parkview Commons, a Class-A apartment building built in 2004. Pine procured the buyer of the 37-unit, three-story property. In the past 16 months, Pine has closed eight transactions valued at more than $57.27 million throughout Bergen County where Pine specializes in providing a full range of multi-family housing investment brokerage services.

“Today’s investors recognize there is, and will remain, a sustained demand for apartment-rental living,” said Ken Uranowitz, Gebroe-Hammer’s managing director, who cited the impediments to homeownership, including tightening mortgage requirements, rising living costs and drastic adjustable rate mortgage resets, as a positive catalyst for the multi-family housing sector. “The strategy of today’s multi-family housing investor is to be firm and decisive in order to acquire the most desirable properties and leverage the appreciation value for a significant return on their original investment.”

Established in 1975, Gebroe-Hammer specializes in the sale of multi-family, retail and commercial investment properties. The firm maintains a strong presence throughout New York, New Jersey and Pennsylvania by providing innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors in market and off-market transactions.

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