Gebroe-Hammer Associates recently orchestrated the $4.2 million sale of 319 Palisade Ave., a 19-unit upscale mid-rise building featuring one-, two- and three-bedroom layouts in Cliffside Park, N.J. The four-story, 15-year-old stucco property is in excellent condition and fully occupied.

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

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Release Date: October 10, 2008

GEBROE-HAMMER INKS TWO NEW MULTI-FAMILY DEALS EXCEEDING $5 MILLION IN BERGEN COUNTY, NJ
Northern New Jersey Market Remains at Forefront of Demand

LIVINGSTON, N.J., October. 10, 2008 – Bergen County, which rivals Hudson and Essex counties for the highest concentration of multi-family housing properties, continues to record significant apartment-building investment activity, according to Gebroe-Hammer Associates. The Livingston-based commercial real estate investment firm recently closed two transactions totaling more than $5.23 million in Palisades Park and Cliffside Park, N.J.

“Due to its high barrier to entry, Bergen County is one of the most in-demand areas in the state of New Jersey where aggressive pricing, inventory undersupply and assertive, well-financed investors are the norm,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “These conditions have proven favorable for both owners and investors.”

Avi Oren, vice president, and Elliot Schechter, sales associate, handled the $4.2 million sale of 319 Palisade Ave., a 19-unit upscale mid-rise building featuring one-, two- and three-bedroom layouts in Cliffside Park. The four-story, 15-year-old stucco property is in excellent condition and fully occupied. Unique features include individual hot water heaters, boiler systems and washer/dryers for each unit.

The buyer, 319 Palisade Associates LLC, was represented by Charles Cohen, Esq. of Verona, N.J., and the seller, 319 LLC, was represented by Paul Stein, Esq., of Hackensack, N.J.

“This upscale property is just minutes from the George Washington Bridge, strategically located between Fort Lee and Edgewater,” said Schechter. “Location, proximity to mass transit and property condition are all key drivers for investors.”

At 201 E. Ruby Ave. in Palisades Park, Schechter procured the buyer, 201 Max LLC, who acquired the well-maintained all-brick three-story building for $1.23 million. Uranowitz had originally sold the property to the seller, Ruby Avenue Associates LLC, in 2002. According to Schechter, the buyer was attracted to the size and location of the 14-unit property and plans to upgrade units as they become available. Legal representation was provided by Sid Donica, Esq., of Wolf Block in Roseland, N.J., and Paul Stein, Esq., on behalf of the seller and buyer, respectively.

Recently, Gebroe-Hammer also orchestrated the $23.55 million trade of The Carlyle, a prominent luxury hi-rise apartment building in the heart of Hackensack, N.J. The brokerage team of Uranowitz, managing director; Greg Pine, vice president; and Steven Follman, sales associate; represented the seller, Hekemian & Co., and procured the buyer, a private New Jersey-based investment group.

In addition to handling these multi-family housing assignments, Pine negotiated the $800,000 sale of 16 Chestnut St., a Class-A office building located off Kinderkamack Road in Emerson, N.J. The deal marks the firm’s growth within the commercial office real estate sector. Gebroe-Hammer also handles investment sales in the retail, healthcare and active adult markets.

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm. In addition to its strong presence in Bergen County and throughout New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITS, private equity firms and other institutional investors.

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Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752