Gebroe-Hammer Associates recently negotiated the $12.3 million sale of the four-story Ridgewood Commons apartment building at 10 N. Ridgewood Avenue in South Orange, and the adjacent 15,000-square-foot single-story commercial property at 109 South Orange Avenue. The fully-occupied Ridgewood Commons residential property, pictured here, consists of 64 one- and two-bedroom luxury apartments. The adjacent commercial property is currently occupied by a one-story retail tire store.

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

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Release Date: Monday, August 27, 2007

GEBROE-HAMMER CLOSES $12.3 MILLION DEAL FOR LUXURY APARTMENT HOUSE AND ADJACENT PROPERTY IN SOUTH ORANGE, N.J.
Ridgewood Commons is Area’s Premier Residential Building

SOUTH ORANGE, N.J., August 27, 2007 – Gebroe-Hammer Associates, New Jersey’s dominant investment real estate brokerage firm, recently negotiated the $12.3 million sale of the four-story Ridgewood Commons apartment building at 10 N. Ridgewood Avenue in South Orange, and the adjacent 15,000-square-foot single-story commercial property at 109 South Orange Avenue.

The fully-occupied Ridgewood Commons residential property consists of 64 one- and two-bedroom luxury apartments, accessed via a Grand Lobby and three elevators. It also features an onsite garage and laundry facility. The adjacent commercial property is currently occupied by a one-story retail tire store. Gebroe-Hammer represented the seller and procured the buyer in the transaction.

“Ridgewood Commons is the premier luxury building in the area,” noted David Jarvis, vice president of Gebroe-Hammer, who teamed up with managing director Robert Ploshnick in negotiating the deal. “The apartments are quite large, with high ceilings, sunken living rooms, 1 ½ baths and Juliet balconies off the kitchens. The buyer, who owns other properties in town, is planning renovations that will bring it back to its prime, and will add several upgrades, including a health club.”

The property is located in the heart of the village of South Orange, and within walking distance to the Mid-Town Direct, which is a 20-minute train ride to Manhattan.

The seller, a long-time client of Gebroe-Hammer, was represented by Rich Kelin of the law firm of Feinstein, Raiss, Kelin and Booker in West Orange. The buyer’s attorney was Josh Mann of Porzio, Bromberg and Newman in Morristown.

“This is the third time the building has changed hands in the past five years,” explained Kenneth Uranowitz, managing director of Gebroe-Hammer. “Landmark properties adjacent to New York City rail and bus transportation continue to appreciate and are in extreme demand. There was tremendous investor interest, which resulted in a competitive bidding process, demonstrating the continued strength of the current market.”

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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