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

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Release Date: Friday, September 14, 2007

GEBROE-HAMMER NEGOTIATES $5.3 MILLION SALE OF MULTI-FAMILY COMPLEX IN CLINTON, NJ
Sale Involves Four Buildings and Fifty Units

CLINTON, N.J., September 14, 2007 – Gebroe-Hammer Associates, a recognized leader in real estate brokerage for more than three decades, has negotiated the sale of 101 W. Main St. in Clinton, N.J. The 50-unit multi-family apartment complex sold for $5.3 million.

Steven Follman, sales associate spearheaded the deal working with Joseph Brecher, senior vice president and Steve Tragash, sales associate.

101 W. Main Street is a 97-percent occupied garden apartment complex in excellent condition. The four-building brick property is comprised of 38 one-bedroom and 12 two-bedroom units. Residents enjoy on-site parking, air conditioning, electric heat and landscaping services.

Clinton, N.J. is located near Routes 78 and 22. As a home to six New Jersey Historic Districts, Clinton has maintained a rustic, small-town feel that appeals to both tourists and residents while benefiting from a growing population of 13,000 and considerable development in recent years.

The seller was a New Jersey-based investor who owns other multi-family property in New York and New Jersey. “The apartment was sold as part of a 1031-Exchange, which helped the seller create a more localized portfolio for ease of maintaining and managing the properties,” said Follman. “Gebroe-Hammer was able to accomplish the multi-million dollar deal within the 1031-Exchange timeframe.”

The seller was represented by Arnold Litt, Esq. of Herten, Burstein, Sheridan, Cevasco and Bottinelli in Hackensack, N.J. The buyer was represented by Louis Sroka, Esq. of Jericho, N.Y.

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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