Gebroe-Hammer Associates recently negotiated the sale of 111 units of multi-family property in three transactions in Bergen, Essex and Hudson counties for a combined sum of $8.15 million. The properties exchanged included Skyview Apartments in Union City (pictured), 10 Henry Avenue in Palisades Park and 73 Carnegie Avenue in East Orange.

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

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Release Date: Wednesday, October 24, 2007

GEBROE-HAMMER ASSOCIATES NEGOTIATES THREE SALES VALUED AT MORE THAN $8 MILLION IN NORTHERN NEW JERSEY
Three Apartment Complexes, Including 111 Units Traded in Bergen, Essex and Hudson Counties

LIVINGSTON, N.J. October 24, 2007 - Gebroe-Hammer Associates negotiated the sale of three multi-family properties in Bergen, Essex and Hudson counties recently in separate transactions with a combined value of approximately $8.15 million. The transactions exemplify the strength of the multi-family real estate market in northern N.J., according to Ken Uranowitz, managing director of Gebroe-Hammer. An industry leader for more than three decades, the company specializes in the sale of multi-family, retail and commercial investment properties in New Jersey, New York and Pennsylvania.

Palisades Park

In Bergen County, Area Sales Associate Elliot Schechter, Vice President David Jarvis and Executive Vice President David Oropeza collaborated on the sale of 10 Henry Avenue in Palisades Park. The four-story mid-rise complex, which consists of 42 one-and two-bedroom apartments, was 95-percent occupied at the time of sale. The building is located near City Hall and the town's central retail and restaurant district with proximity to Route 46, the New Jersey Turnpike and New York City.

"Bergen County is a very attractive region for investors," said Jarvis. "Any time a property becomes available, buyers act quickly and decisively to secure a winning bid."

The purchaser, a long-term Gebroe-Hammer client, owns several buildings in the area. The seller, another long-standing client, sold the property as part of a 1031-Exchange. Richard Kelin of Feinstein Raiss Kelin & Booker, LLC of West Orange, N.J., represented the buyer. Thomas E. Cohn of WolfBlock Brach Eichler of Roseland, N.J., represented the seller.

East Orange

David Oropeza also negotiated a sale in Essex County, at 73 Carnegie Avenue in East Orange valued at nearly $1 million. The 18-unit, four-story mid-rise building had just one vacancy at the time of closing. One of the few multi-family complexes in a neighborhood dominated by single-family homes, the building is close to the Central Avenue shopping district with proximity to I-280 and the Garden State Parkway.

"With significant multi-family development and a large number of condo conversions, East Orange has become one of Essex County's fastest growing municipalities," said Oropeza. "The East Orange Performing Arts Center, opening next year, will add considerably to the cache of this burgeoning market."

The purchaser was a first-time buyer from New Jersey. The seller was Golden Sun Realty of Paterson, N.J., a company with a mixed portfolio of office, retail and commercial property. Barry Wanger of Spring Valley, N.Y. represented the purchaser. Golden Sun was represented by Steven Fortunato, Esq., the company's legal counsel.

Union City

The third transaction, brokered by Scott Callahan, vice president and Hudson County area expert, involved the sale of Skyview Apartments, at 1300 Palisade Avenue in Union City, N.J. The five-story complex consists of 43 two- and three-bedroom apartments and had only one vacancy when the property was sold. The building overlooks the Hudson River and the Empire State Building. It is located at the crossroads of several significant thoroughfares including I-80, Routes 510, 1 & 9 and 3 and the New Jersey Turnpike.

"Union City is the most densely populated city in the country and space is at a premium," said Callahan who sold 13 multi-family properties so far this year. "100-percent occupancy rates are the norm, and rents are rising steadily."

The buyer is a New York-based investor who is purchasing for the first time in Union City. The seller is a frequent Gebroe-Hammer client with a strong portfolio in both New Jersey and New York. Walter J. Fessler, Esq., of Lum Danzis Drasco & Positan LLC, Roseland, N.J., represented the seller, and David Novak of Clifton, N.J., represented the buyer.

"Northeastern New Jersey has long been one of the strongest markets in the multi-family industry," said Uranowitz. "The combination of high population density, heavy regional affluence and proximity to New York City ensures that this region will remain one of the most desirable and sought-after markets in the country."

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Gebroe-Hammer Associates 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

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