Gebroe-Hammer’s Greg Pine negotiated the sale of 11 Massey Street, a 30-unit apartment building in Lodi, N.J. for $3.14 million as well as a two-building complex involving 38 units for $4.35 million at 403 Prospect Avenue in Hackensack, N.J. (pictured).

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

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Release Date: Wednesday, June 13, 2007

GEBROE-HAMMER’S GREG PINE CLOSES NEARLY $7.5 MILLION IN SALES   
Activity Involves 68 Rental Units in Bergen County

LIVINGSTON, N.J., June 13, 2007 – Greg Pine, 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 the sale of two properties in Bergen County totaling nearly $7.5 million.

As one of Gebroe-Hammer’s top brokers, Pine was responsible for the sale of 11 Massey Street, a 30-unit apartment building in Lodi, for  $3.14 million. The firm was given an exclusive listing to market the property on behalf of the seller.

The seller, Chipner Associates based in Lodi, was the original builder and owner of the property, which was constructed nearly 34 years ago. Both the buyer and the seller are long–time Gebroe-Hammer clients.

Attorney Joseph Behot, Esq. based in Hackensack represented the buyer. Chipner Associates was represented by David Kahan, Esq., an in-house attorney.

The borough of Lodi is located in Bergen County, offering residents easy access to Route 17, U.S. Route 46 and Interstate 80.

In Hackensack, Pine negotiated the sale of 403 Prospect Ave, a two-building complex involving 38 units, for $4.35 million. As in the Lodi transaction, Pine was awarded the exclusive listing to market the property on behalf of the seller. He also procured the buyer, Passaic-Prospect LLC, a local Bergen County investor.

The buyer is planning substantial upgrades to the property, which was100 percent occupied at the time of closing, according to Pine. “The deal involved several months of negotiations in order to resolve a number of issues including the replacement of a retaining wall,” he added. 

Attorneys Mitchell Abrahams of Cole, Schotz, Meisel, Forman & Leonard in Hackensack represent the buyer; and Frank Leanza of Leanza & Agrapidis in Hasbrouck Heights represented the seller.

One of Gebroe Hammer’s top producers, Pine has six years of broad-based experience in real estate representation at Gebroe-Hammer. Pine focuses on the Northern New Jersey marketplace offering his clients tremendous market knowledge. “Greg is extremely bright and an astute professional who constantly kept his eye on the ‘ball’ through some difficult negotiations,” stated Ken Uranowitz managing director. “There’s no question, without Greg’s efforts and hands-on approach throughout, this deal would never have come to fruition.”

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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