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

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Release Date: Thursday, August 09, 2007

GEBROE-HAMMER CLOSES $1.1 MILLION MULTI-FAMILY SALE IN PATERSON, NJ
Per-Unit Apartment Price Among the Highest in the City

PATERSON, N.J., August 9, 2007 – Gebroe-Hammer Associates recently negotiated the $1.1 million sale of a 12-unit multi-family residential building at 167 East 31st Street in Paterson. Jay Lombardo, area sales representative and Alan Lieberman, vice president, represented the seller and procured the buyer in the transaction. 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.

“The property sold for approximately $92,500 per unit, making it one of the highest-priced per-unit sales in Paterson,” Lombardo said. “The building, which includes eight one-bedroom and four two-bedroom apartments, has many desirable features. It was completely renovated in 1999 and is very well maintained. It’s location, in a quiet area just a few streets from Fair Lawn, with easy accessibility to Routes 20 and 21 and the Garden State Parkway, is also a plus.”

The attorney for the buyer was J. Pasternack of Clifton, N.J., and Alan Lowcher of Lowcher Law in Washington, N.J. represented the seller.

Gebroe-Hammer Associates specializes in investment real estate sales of multi-family, retail and office properties. Founded in 1975, the company provides innovative services to a wide range of private owners, REITS, private equity firms and other institutional investors.

“As this transaction indicates, our more than 30 years of experience in the New Jersey real estate market enables us to obtain the highest prices in the marketplace,” said Kenneth Uranowitz, managing director. “Jay and Alan did a fine job in creating a deal that benefits all parties involved.”

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Based in Livingston, N.J., Gebroe-Hammer Associates 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