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

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Release Date: June 24, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES CLOSES ON 25 UNITS IN NORTH BERGEN AND UNION CITY, N.J. FOR $1.26 MILLION
Two Transactions Reflect Investor Demand for Small-to-Mid-Sized Properties

UNION CITY, N.J., June 24, 2010 – Gebroe-Hammer Associates has announced the closing of two separate transactions involving a total of 25 units, which traded for $1.26 million in Union City and North Bergen, N.J. The Livingston, N.J.-based firm was the exclusive broker representing the seller, IAK, LLC, and procured the two buyers, both of whom are long-time Gebroe-Hammer clients. Greg Pine, senior vice president, engineered both transactions.

"Investors are aggressively pursuing well-maintained small-to-mid-sized multi-family properties, in order to complement their existing portfolios in working-class neighborhoods, such as Union City and North Bergen, where a significant number of residents commute to employment centers like New York City and Jersey City," said Ken Uranowitz, managing director. He noted that 17 percent of Union City residents and 21 percent of North Bergen residents are employed in Manhattan. "The seller sought to dispose of these properties for economic reasons, recognizing that current interest rates and capital gains rates will soon be headed north."

In Union City, Pine and Gebroe-Hammer's Scott Callahan, vice president, represented the seller and procured the buyer in the $705,600 sale of 14 spacious units at 201 37th St. Featuring a mix of studio, one- and two-bedroom layouts, the corner two-story building, located one block from Union Hill High School, is situated between John F. Kennedy Boulevard and Park Avenue.

To the west, in neighboring North Bergen, Pine and Callahan represented the same seller in the $554,400 sale of 11 units at 1108 7th St. Pine, along with Niko Nicolaou, area sales associate, also represented the buyer of the two-story all-brick façade building. Close to schools, shopping and mass transit, the property is comprised of one-bedroom units and a marble entrance foyer.

Both of these transactions follow the $2.5 million sale of 3604-08 Park Ave. in Weehawken on behalf of the same seller. Pine and Callahan spearheaded the Gebroe-Hammer brokerage team in the 40-unit disposition.

"The residents and property owners of both of these municipalities associate with Union City's and North Bergen's strong, historic identity as being family-oriented and hard-working," said Pine. "Each town offers a mix of brownstones, two-family homes and numerous apartment-rental buildings that offer sweeping views of the New York City skyline as well as access to a network of highways, including Route 495, Routes 1/9 and 3 and the New Jersey Turnpike; NJ Transit bus routes; and light and commuter rail lines."

Gebroe-Hammer, the region's dominant commercial real estate investment brokerage firm, specializes in the sale of multi-family, retail and commercial properties throughout New Jersey, including Bergen, Essex, Hudson, Union and Middlesex counties; New York; and Pennsylvania, including Philadelphia. Long-time 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