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

Download Word Doc: Click Here

Release Date: August 5, 2008

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

BERGEN COUNTY, N.J., August 5, 2008 – Gebroe-Hammer Associates has orchestrated the $23.55 million trade of The Carlyle, a prominent luxury hi-rise apartment building in the heart of Hackensack, N.J. The brokerage team of Ken Uranowitz, managing director; Greg Pine, vice president; and Steven Follman, sales associate; represented the seller, Hekemian & Co., and procured the buyer, a private New Jersey-based investment group.

“The Carlyle is at the center of Hackensack’s finest residential neighborhood and has earned a reputation for providing superior apartment-style living in close proximity to New York City,” said Uranowitz. “It is rare that a property of this caliber comes to market in Bergen County, where multi-family housing product is being acquired at an unprecedented pace.”

Located at 380 Prospect Ave., The Carlyle is a celebrated fixture on this prestigious thoroughfare featuring a mix of single-family, mid-rise and hi-rise residential buildings, commercial and medical offices and the renowned Hackensack University Medical Center.

Built in the 1970s, the 13-story building features an exterior brick façade with 128 units offering central air conditioning and hardwood flooring. The 89 one-bedroom units range in size from 780 to 817 square feet while the 39 two-bedroom layouts include 1,035 square feet of living space. Many apartments have spacious outdoor balconies, which are ideal for entertaining or relaxing.

Building amenities include laundry facilities, 24-hour doorman service, a swimming pool and on-site parking in a 136-car underground garage or 64-space outdoor lot. The area’s quaint cafes, award-winning restaurants and retail shops are within walking distance or a short drive. New York City is just 7 miles to the west. Hackensack is served by three train stations along the Pascack Valley Line as well as 28 NJ Transit bus routes, I-80, Routes 17 and 4 and an extensive network of local roadways.

According to Gebroe-Hammer, occupancy rates for the area exceed 98 percent, a major lure for investors seeking to enhance their net operating income through rent appreciation. “The sale of The Carlyle coincides with a market inundated by seasoned and first-time investors at a time when supply of multi-family housing product in all class categories is extremely limited,” added Uranowitz. 

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in Bergen County and throughout 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.

###

Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752