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 Gebroe-Hammer Associates Download Word Doc: Click Here Release Date: Tuesday, September 11, 2007 NEW ENGLAND VILLAGE APARTMENTS IN SUMMIT, NJ SELLS FOR $30 MILLION SUMMIT, N.J., September 11, 2007 – New England Village Garden Apartments, located on 105 New England Avenue in Summit N.J., a 16-building, 133-unit garden complex recently sold for $30 million. The transaction was brokered by Gebroe-Hammer Associates, one of the tri-state’s most respected investment real estate brokerage firms with more than 32 years of experience in the multi-family, retail and commercial investment markets. New England Village was owned by the same family for three generations. This transaction represents the first time New England Village has been sold since its construction in 1950. “The family agreed to let us handle the transaction exclusively based on our track record and expertise,” said Avi Oren, vice president of Gebroe-Hammer, who spearheaded the deal and represented the seller. “This is a one-of-a-kind sale for us. There is nothing that can match its quality or location.” The 99-percent occupied complex is comprised of 44 one-, 65 two- and 24 three-bedroom apartments. A majority of the two and three bedroom units contain 1,250 square feet and 1,425 square feet of living space, respectively, with two full bathrooms; most unusual for a property of this vintage. The landscaped property features a swimming pool and approximately 300 parking spaces for residents and their guests. Between 30-and 40-percent of the units have been renovated within the last three years, and the buyer plans to continue the upgrades. Summit is one of New Jersey’s most affluent towns located in Union County. According to 2006 census estimates, the community has more than 21,000 residents. Commuters have easy access to Interstate 78 and Route 24 as well as a NJ Transit station that travels directly into Hoboken and Manhattan’s Penn Station. New England Village is located near retail and commercial areas including upscale shopping at the Mall at Short Hills. Families in Summit have access to multiple public and private schools including Summit High School, which was recently named one of the country’s best high schools by Newsweek Magazine. Summit is also home to Overlook Hospital, an award-winning health care facility. Robert Ploshnick, managing director, procured the buyer, a group of N.J. investors who are long-time clients of Gebroe-Hammer. Mel Gebroe, co-founder and president, and Ken Uranowitz, managing director, also played important roles in the sale. “Rents in this area are very competitive and occupancy rates average nearly 100 percent,” said Uranowitz. “This is the ‘blue-white diamond’ that every investor yearns to own in terms of location and real estate quality that rarely comes to market. Although a cliché, the phrase ‘once in a lifetime,’ could not be more apropos with this particular property.” Rand Agins, Esq. of Lasser Hochman of Roseland, N.J., represented the seller, and the buyer was represented by Thomas E. Cohn, Esq. of WolfBlock Brach Eichler, also of Roseland, N.J. ### 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 
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