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

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Release Date: November 11, 2008

GEBROE-HAMMER CLOSES $2.350 MILLION SALE OF 14 UNITS AT 31 THE CRESCENT IN MONTCLAIR, NJ
Essex County’s Suburban Commuter Market Attracts Renters and Investors

MONTCLAIR, N.J., Nov. 11, 2008 – Gebroe-Hammer Associates has announced the sale of 14 apartment-rental units at 31 The Crescent for $2.350 million in Montclair, N.J. [www.montclairnjusa.org] The brokerage team of Ken Uranowitz, managing director, and David Jarvis, senior vice president, orchestrated the disposition on behalf of the seller, Schelane Montclair LLC, a long-time client. The buyer, 507 Grand Street Associates LP, financed the acquisition through a 1031 Exchange [www.1031.org].

“Montclair, which is Essex County’s most in-demand suburban market, is a high barrier-to-entry area in which very few properties are marketed for sale. When a high-quality property such as 31 The Crescent is delivered to the market, competition is intense among well-financed investors,” explained Uranowitz, who originally sold the building to the seller in 1995. “All-cash transactions and 1031 Exchanges have become the norm as multi-family housing continues to outpace other commercial real estate class investments.” The sale of 31 The Crescent closed within a 30-day timeframe.

Comprised of 14 two-bedroom units, each apartment features more than 1,100 square feet of living space, one-and-a-half bathrooms and a large screened-in porch. The three-story, all-brick walk-up was 100 percent occupied at the time of sale and in excellent condition.

According to Jarvis, the seller plans to upgrade the HVAC system and implement future interior and exterior enhancements. “Montclair is popular among both renters and investors because of its reputation as a commuter town of New York City, offering extensive mass transit options within a historic, suburban setting,” he said. Gebroe-Hammer reports average rents for the area range from $1,160 to $2,450.

Montclair is served by seven NJ Transit bus routes as well as the Montclair-Boonton Rail Line, offering access to Manhattan via Hoboken. The expansive highway infrastructure includes the Garden State Parkway and Routes 46 and 3. The property is one block from Montclair’s main commercial zone and downtown business district, including Church Street’s upscale retail shops and restaurants.

Legal representation was provided by Lawrence Cooper of Florham Park on behalf of the seller, a private investor who disposed of his last New Jersey-based property to prepare for retirement. The buyer was represented by Robert K. Brown of Chatham.

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in 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