Gebroe-Hammer negotiated the off-market sale of eight apartment buildings at 6242 Roosevelt Boulevard in northeast Philadelphia for $22 million. The 371-unit Audubon Center complex consists of one- and two-bedroom apartments.

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

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Release Date: Thursday, July 26, 2007

GEBROE-HAMMER COMPLETES TWO MAJOR PHILADELPHIA TRANSACTIONS
24 Apartment Buildings Trade for More Than $26.4 Million

Philadelphia, Pa., July 26, 2007 – Eli Rosen, assistant vice president for Gebroe-Hammer Associates, of Livingston, N.J., has brokered two significant multi-family transactions in Philadelphia valued at more than $26.4 million. An industry leader for more than three decades, Gebroe-Hammer is among the tri-state region's most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties.

In the larger of the two transactions, Rosen and Joel Schwartz, executive vice president, spearheaded the sale, working with Joseph Brecher, senior vice president of Gebroe-Hammer. The team closed the off-market sale of eight apartment buildings at 6242 Roosevelt Boulevard in northeast Philadelphia for $22 million. The 371-unit Audubon Center complex consists of one- and two-bedroom apartments.

The purchaser was Audubon Properties. The property was originally built by the Korman family nearly 55 years ago and is currently more than 95 percent occupied.

The Gebroe-Hammer team of Rosen and Brecher handled the second transaction, involving 16 apartment buildings at 1501-63 East Mount Airy Avenue in Philadelphia. The 64-unit garden Mt. Airy Court complex sold for nearly $4.44 million.

Gebroe-Hammer marketed this property exclusively on behalf of the seller, Mount Airy Court Partnership. The purchaser was Airy Avenue LP.

The two-story brick buildings are ideally located in the residential East Mount Airy section of Philadelphia, bordering Elkins Park and Montgomery County. The neighborhood’s appeal includes its racial diversity, which is considered to be the most well-blended neighborhood in Philadelphia. In addition, Mount Airy is particularly well-served by public transportation.

Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker of West Orange, represented the purchaser.

Eli Rosen recently received Gebroe-Hammer’s top honor, the 2006 Morris Hammer Salesperson of the Year Award, which distinguishes one salesperson at the company for exceptional performance. Rosen was selected because of his contribution in extending the firm’s reach into the Philadelphia region and for his sales in 2006, which totaled $150 million. This included 1,860 multi-family units in the Philadelphia market.

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Gebroe-Hammer 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