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

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Release Date: July 29, 2009

GEBROE-HAMMER ASSOCIATES ORCHESTRATES $3 MILLION SALE OF 28 GATES AVENUE IN MONTCLAIR, N.J.
Property Has Been Family-Owned Since 1944

MONTCLAIR, N.J., July 29, 2009 – Gebroe-Hammer Associates, the region’s leading commercial real estate investment firm based in Livingston, N.J., has announced the $3 million disposition of 28 Gates Ave. in Montclair, N.J., a 29-unit four-story walk-up that last traded 65 years ago. Managing Director Ken Uranowitz represented the seller, with whom he has worked throughout the course of his entire 34-year career at Gebroe-Hammer, and procured the buyer, 28 Gates, LLC.

According to Uranowitz, the property had been owned by the same family for three generations. “These long-time, experienced owners recognized that the multi-family housing market is very desirable right now, as compared to other alternative investments, which do not provide steady, consistent returns and added tax benefits,” he said. “There is a very high level of demand for properties of this size and location among investors, many of whom are seeking to take advantage of today’s low interest rates. There also is a preference among lenders to finance this type of non-volatile commercial real estate investment.”

Located just one block from Bloomfield Avenue near the Grove Street intersection, the property features 21 one-bedroom and 8 two-bedroom units. Planned upgrades include renovations to render each unit competitive in today’s rental market. According to Gebroe-Hammer, the area’s average rental rates are $1,050 for a one-bedroom and up to $1,450 for two-bedroom units.

Strategically situated near the municipality’s main commercial zone, which includes a post office and an array of retail shops and fine dining establishments, Gates Avenue also is in close proximity to key mass transit lines. As a major commuter town of New York City, Montclair offers direct bus service provided by NJ Transit and DeCamp Bus Line as well as rail service along the Montclair-Boonton Line. Schools, including Montclair State University, and parks are nearby.

“Multi-family investments have remained extremely resilient in this economic climate and throughout each and every recessionary period I’ve experienced during the past 34 years I’ve been in the business,” said Uranowitz. “Long-time family owners, who have also weathered several recessionary times over the past few decades, understand that people need a place to live, even in downward cycles, and that multi-family buildings sustain high values, as a result. Moreover, they know that the timing is right to sell, especially with an anticipated upward change to the capital gains tax law – a fait accompli. Savvy buyers also know the time is right to buy because interest rates won’t remain this low much longer and product such as this rarely comes to market, if ever. The last time was in 1944.”

Legal counsel was provided by Richard Stewart, Esq., of Lasser Hochman in Roseland, N.J., and Stacy Santola, Esq., of Orange, N.J., on behalf of the seller and buyer, respectively.

Gebroe-Hammer Associates is the region’s dominant real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, 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