Executive Vice President David Oropeza of Gebroe-Hammer Associates recently completed two transactions in East Orange, N.J., which included the $3.1 million sale of New Grove Manor (pictured), a 205-bed nursing and rehabilitation center.

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

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Release Date: June 25, 2008

FAIRMOUNT TERRACE APARTMENTS’ $15.375 MILLION TRADE ORCHESTRATED BY GEBROE-HAMMER ASSOCIATES
162-Unit Complex Located Adjacent to Fairmount Park

EAST ORANGE, N.J., June 25, 2008 – Gebroe-Hammer Associates has announced the $3.1 million sale of New Grove Manor, a 205-bed skilled nursing and rehabilitation center in East Orange, N.J. The trade was handled by David Oropeza, executive vice president, who represented the seller, a private family-owned investment group, and procured the buyer, 55 Holding, LLC.

“This transaction demonstrates Gebroe-Hammer’s growth and expansion into a wider range of property sectors, often representing long-time clients with diverse portfolio holdings who value our unmatched service and market knowledge,” said Ken Uranowitz, managing director.

Located at 101 N. Grove St., New Grove Manor is in excellent condition and boasts historic 1920s-era architecture. A former luxury hotel, the property was sold by the family of the original owners who converted it to a long-term and subacute care facility. “Healthcare services are among a short list of recession-proof industries, making this investment opportunity quite attractive,” noted Oropeza, who added the new owner plans to construct a new atrium entrance.

The city of East Orange, which lies at the intersection of the Garden State Parkway and Interstate 280, also continues to record significant investment activity in the multi-family housing market. Less than a mile from New Grove Manor, Oropeza recently negotiated the sale of 47 units at 132 N. Arlington Ave., at the corner of Summit Street, for $2.2 million. The property, which features 36 one-bedroom, 8 two-bedroom and 3 three- bedroom apartments with new windows, is strategically situated two blocks from NJ Transit rail service and local shopping. On-site parking also is available.

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family and active adult, retail and office and healthcare commercial properties. In addition to its strong presence in New Jersey’s urban and suburban markets statewide, Gebroe-Hammer is active throughout Pennsylvania and New York. 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