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Gebroe-Hammer Associates Download Word Doc: Click Here Release Date: September 17, 2008 GEBROE-HAMMER NEGOTIATES $1.475 MILLION SALE OF 18-UNIT GARDEN APARTMENT COMPLEX IN PATERSON, N.J. PATERSON, N.J., September 17, 2008 – Passaic County’s multi-family investment submarket continues to be characterized by aggressive pricing of apartment-rental properties that come to market as demonstrated by the $1.475 million sale of 122-132 N. 7th St., an 18-unit garden-apartment complex in Paterson. Gebroe-Hammer’s Jay Lombardo and Michael Petrak represented the seller, a private investor, and procured the buyer, 122-132 North 7th Street LLC. “The seller, who owned the property for more than 25 years, realized a significant return at $82,000 per unit,” according to Petrak, who noted the buyer is an active owner of hundreds of units throughout the city. “Due to the property’s well-maintained interior and brick-façade exterior, the buyer plans to leverage the income production of this 100-percent occupied building by implementing concrete and landscaping upgrades.” Located on the border of Haledon, N.J., 122-132 N. 7th St. is comprised of 14 one-bedroom units and four two-bedroom units in a quiet residential neighborhood. The two-story building offers immediate access to NJ Transit bus routes as well as Routes 20, 21, 46 and I-80, which serve the area. The seller was represented by Richard Shackil, Esq., of Paterson while Alan Mariconda, Esq., also of Paterson, represented the buyer. “Paterson is one of New Jersey’s leading urban markets for multi-family investments because of strong tenant demand for apartment-rental living within the Passaic County seat,” explained Ken Uranowitz, Gebroe-Hammer’s managing director. “Similar conditions prevail in New Jersey’s other urban centers like Hudson, Essex and Union counties.” Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family and active adult, retail and office and healthcare commercial properties. In addition to its strong presence in New Jersey’s urban and suburban markets statewide, Gebroe-Hammer is active throughout Pennsylvania and New York. Clients include private owners, REITS, private equity firms and other institutional investors. ### Gebroe-Hammer Associates 
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