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

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Release Date: November 26, 2008

GEBROE-HAMMER ASSOCIATES CLOSES $2.4 MILLION SALE OF 33 MULTI-FAMILY HOUSING UNITS IN PLAINFIELD, NJ
Transaction Demonstrates On-Going Demand for Small to Medium-Sized Properties

PLAINFIELD, N.J., Nov. 26, 2008 – Urban hubs throughout northern New Jersey continue to record significant multi-family housing trading activity as demonstrated by the recent $2.4 million sale of 33 units in Plainfield, N.J. [www.plainfield.com]. The Gebroe-Hammer Associates brokerage team of Alan Lieberman, vice president, and Steven Tenenbaum, assistant vice president, represented the seller and procured the buyer, a private New Jersey-based investment group, in the sale of 715-725 Arlington Ave.

“This very well-maintained, fully occupied property attracted the buyer because of Plainfield’s strategic proximity to Manhattan and other employment centers in New Jersey, including Newark and Jersey City,” explained Tenenbaum, who noted area occupancy rates exceed 95 percent. Gebroe-Hammer reports average one-bedroom rents range from $800 to $1,000.

The two-building, four-story mid-rise features an all-brick façade and a mix of 33 one-, two- and three-bedroom units. The area is served by two NJ Transit rail stations as well as the 59, 65 and 66 bus routes to Newark and two local lines.

Once known as a Manhattan bedroom community, Plainfield has emerged as the urban center of 10 allied municipalities boasting diverse industries. Located in the southwestern region of Union County, the city is part of an Urban Enterprise Zone (UEZ), designed to promote employment and retail by offering a reduced sales tax rate.

“Plainfield is ideal for apartment-rental tenants because it offers a balance between the area’s historic past as a Quaker community and today’s modern conveniences, including an abundance of mass transit links,” added Lieberman. Comprised of several historic districts, area landmarks include the Friends Meeting House and Nathaniel Drake House, which served as George Washington’s headquarters.

Legal counsel was provided by Rocco J. LaBella, Esq., of Ferro Labella & Zucker in Hackensack, N.J., and Allen J Popowitz, Esq., of WolfBlock, LLC, in Roseland, N.J., on behalf of the seller and buyer respectively, both of whom are long-term Gebroe-Hammer clients,.

“High occupancy rates in the multi-family sector, in close proximity to New Jersey’s centers of employment, retail and mass transit, are a major lure for investors seeking stability and an opportunity to enhance their investment portfolio,” noted Ken Uranowitz, Gebroe-Hammer’s managing director. “This demand contributes toward Union County’s positioning as one of New Jersey’s multi-family housing strongholds.”

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