Gebroe-Hammer, one of New Jersey’s most active real estate brokerage firms, recently completed two very distinct transactions in Jersey City, N.J., in which the closing prices on the multi-family properties differed by almost $100,000 per residential unit. The deals involved buildings in separate ends of the city: one at 208 7th Street and the other at 198 Ocean Avenue. Pictured is 208 7th Street, which sold for $1.15 million.

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

Download Word Doc: Click Here

Release Date: Monday, August 20, 2007

GEBROE-HAMMER CLOSES TWO VASTLY DIVERGENT DEALS ON MULTI-FAMILY PROPERTIES IN OPPOSITE ENDS OF JERSEY CITY
Transactions Differ by Almost $100,000 in Per-Unit Price

JERSEY CITY, N.J., August 20, 2007 – Gebroe-Hammer, one of New Jersey’s most active real estate brokerage firms, recently completed two very distinct transactions in Jersey City, N.J., in which the closing prices on the multi-family properties differed by almost $100,000 per residential unit. 

The deals involved buildings in separate ends of the city: one at 208 7th Street and the other at 198 Ocean Avenue. 

“It is very unusual to be involved in transactions within the same city, at the same time, that are so different,” said Benjamin Greenstein, sales associate for Gebroe-Hammer, who spearheaded the negotiations. “It requires a thorough understanding of the city’s diverse real estate and the knowledge base of buyers who would make the right fit in each case.”

The four-story brick building at 208 7th Street, which sold for $1.15 million, is located in the historic brownstone neighborhood of Hamilton Park.  It contains eight one-bedroom apartments, which the buyer intends to renovate and convert into condominiums. The attorney for the seller was Joseph P. Brennan, Jr. of West Orange, N.J., and Robert Del Vecchio of Hawthorne, N.J., represented the buyer.

The Ocean Avenue site, a four-story walk-up, contains 16 apartments, which will be renovated as they become vacant.  Located in the southern part of the city, near Bayview Cemetery, it sold for $775,000. Attorney for the seller was Barry Wenger of Monsey, N.Y., and the buyer was represented by Bryan Nazor of Hackensack, N.J.

Both buildings are within easy reach of the Holland Tunnel, for convenient access to New York City. Jersey City, the state’s second largest city, is often referred to as New York City’s sixth borough due to its proximity and the recent gentrification and influx of young professionals.

“Each of these deals had different specifications and requirements, in a city that continues to undergo positive dramatic changes,” noted Kenneth Uranowitz, managing director of Gebroe-Hammer. “Being able to close both deals within weeks of each other is indicative of the fact that our firm is familiar with the nuances of each of Jersey City’s neighborhoods and all aspects of every local marketplace in which we work.”

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 company 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