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

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Release Date: Tuesday, May 29, 2007

GEBROE-HAMMER TEAM CLOSES  $1.1 MILLION DEAL IN ELIZABETH
Transaction Involves 15-Unit Building

LIVINGSTON, N.J., May 29, 2007 – Gebroe-Hammer, one of New Jersey’s most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, has negotiated a $1.1 million sale in Elizabeth of a 15-unit building located at 229 Chilton Avenue.

The team of Jay Lombardo and Dustin Steiner, area sales associates, spearheaded the transaction along with assistance from Dave Jarvis and Greg Pine, vice presidents.   The Gebroe-Hammer team represented the seller and procured the buyer both of which are long-time Gebroe-Hammer clients.

Allen Popowitz Esq. of Wolf Block Brach Eichler in Roseland, NJ represented the seller. 

“The seller had owned the property for more than 20 years and had decided to sell at this time because of the high prices being paid for properties we listed in Elizabeth,” said Lombardo. “The seller incorporated this as part of a Reverse 1031 Exchange, in which he was involved.”

“Our expertise in real estate investment sales, especially relating to tax-free exchanges, makes us well-equipped to handle any size or complexity of transaction. We maintain the ultimate commitment to our clients by obtaining the highest price in the marketplace,” explains Kenneth Uranowitz, managing director.

Elizabeth is located in Union County and is at the hub of several major roadways including the New Jersey Turnpike, Interstate 78, U.S. Routes 1/9, 22, 27, 28, 82 and 439. Elizabeth currently has two train stations on NJ Transit's North Jersey Coast Line and the Northeast Corridor Line.

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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