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

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Release Date: June 3, 2010

Media Contact: Carin McDonald (201) 796-7788

HUDSON COUNTY, N.J. RECORDS FOUR MULTI-FAMILY INVESTMENT SALES TOTALING 110 UNITS FOR $7.42 MILLION CLOSED BY GEBROE-HAMMER ASSOCIATES
Region Is Hotbed of Small-To-Mid-Sized Property Investments

WEEHAWKEN, N.J., June 3, 2010 – As one of the region's most important commercial and industrial centers, Hudson County, N.J. has also emerged as one of Northern New Jersey's leading multi-family investment markets for small-to-mid-sized properties, according to Gebroe-Hammer Associates of Livingston, N.J. Recently, the firm closed four separate transactions involving 110 units throughout Jersey City and Weehawken for a total of $7.42 million.

"Geographic location, along with an extensive, efficient transportation infrastructure that includes rail, highway access and water ferries to New York City, directly contributes toward Hudson County's strong apartment-rental population," said Ken Uranowitz, managing director. "As a result, investors are focusing on cities like Weehawken and Jersey City, where there are opportunities to acquire existing well-maintained Class-B properties and even Class-C properties that have the potential for capital improvements and reclassification."

In Weehawken, the Gebroe-Hammer brokerage team of Scott Callahan, vice president, and Greg Pine, senior vice president, closed the $2.5 million sale of 40 units at 3604-08 Park Ave., in the city's central shopping district. Located near the intersection of Park Avenue and Highwood Terrace, the two-building complex features an all-brick façade with 20 two- and 20 three-bedroom layouts. Gebroe-Hammer represented the seller, 3604-08 Park Avenue LLC, and the buyer, an unnamed long-time client.

"Weehawken's residential neighborhoods, which feature a mix of one- and two-family homes and low-rise apartment buildings, are favored among retirees, individuals and couples who value the proximity to New York City, a lower cost of living as compared to Manhattan and a full complement of local shopping, dining and leisure options," said Pine.

Just a few miles away in the county seat of Jersey City, Gebroe-Hammer orchestrated the sale of 20 units and 29 units at 384 and 500 Baldwin Ave., respectively. Callahan and Nicholas Nicolaou, area sales associate, represented the sellers and buyers in these two separate transactions plus a third transaction – the $1.3 million sale of 21 units at 2729 Kennedy Blvd. Located near Stuyvesant Avenue, the three-story building offers a mix of two- and three-bedroom units and is within walking distance of several NJ Transit bus lines.

"Jersey City continues to be very strong in terms of its rental pool and investor demand, which significantly outpaces supply of for-sale multi-family assets," said Nicolaou. "While there has been a surge in the number of long-time owners who have decided to market their properties in the wake of looming changes to the capital gains tax guidelines and a low interest rate environment, the number of investors seeking to enter the market or expand their local or regional portfolios is also on the rise."

Gebroe-Hammer is the region's dominant brokerage firm specializing in the sale of multi-family, retail and commercial properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. Clients include private owners, REITs, private equity firms and other institutional investors.

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