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

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Release Date: Tuesday, September 18, 2007

GEBROE-HAMMER ASSOCIATES COMPLETES SALE OF HUDSON VALLEY APARTMENTS IN GARNERVILLE, NEW YORK
David Jarvis Completes $8 Million Transaction of 72-Unit Apartment Complex in Picturesque Rockland County

Garnerville, N.Y., September 18, 2007 – Hudson Valley Apartments, a three-building, 72-unit garden apartment complex, which is located at 188 Ramapo Road in Garnerville, N.Y., has been sold for $8 million. David Jarvis, vice president of Gebroe-Hammer Associates brokered the deal. With more than thirty years of record breaking sales, Gebroe-Hammer Associates is one of the leading multi-family brokerage firms in the mid-Atlantic region.

The three, 100-percent occupied townhouse-style buildings feature a modern brick, aluminum exterior and terraces with walk out balconies. The buyer, a New Jersey-based investor and long-time Gebroe-Hammer client, plans significant renovations to the apartments including new kitchens, bathrooms, living areas, hallways and landscaping. 

Hudson Valley Apartments is centrally located in the fast-growing region of Rockland County, with easy access to routes 202 and 9 and bus service to New York immediately adjacent to the property. Garnerville, located right off the Palisades Parkway, is within 30-minutes of all the region’s major shopping and attractions and is only 40 minutes from Manhattan. 

“This was an off-market transaction that involved a 1031-Exchange,” said Jarvis. “We negotiated a quick sale that was beneficial for both parties.”

The seller was represented by Matthew Cohen, Esq. of Soons & Soons in Englewood, N.J. The buyer was represented by Thomas E. Cohen of Wolf Block Brach Eichler of Roseland, N.J. 

“With rents in excess of $1,100 for a one-bedroom and $1,400 for a two-bedroom,

Rockland County is a region in which renters are willing to pay a premium,” said Managing Director Ken Uranowitz. “The buyer in this deal doesn’t normally purchase properties outside of New Jersey. However, with the tightness of the current multi-family market, investors are looking further and further afield for attractive properties like Hudson Valley Apartments.”

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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