2 West Northfield Road
Livingston, NJ 07039
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Release Date: 01/12/2010
GEBROE-HAMMER CLOSES $6.83 MILLION SALE OF HARBOR VIEW PLAZA APARTMENTS IN TUCKERTON, N.J.Property Combines 51 Existing Units with 21 Newly Completed Apartments
TUCKERTON, N.J., Jan. 12, 2010 – Gebroe-Hammer Associates has completed the $6.83 million sale of Harbor View Plaza Apartments, a 72-unit, three-story complex in Tuckerton, N.J. Sales Associate Steven Follman represented the buyer, Harbor View Plaza Associates, and along with Executive Vice President Joseph Brecher represented the seller, Milestone Properties.
Located at 334 East Main St., the single-building brick complex includes a new 21-unit expansion. The existing 51 units were 100 percent occupied at the time of sale, with the marketing of the new units just underway. Tuckerton, which has a rich history of marine-related activities, is just 18 miles north of Atlantic City.
“This acquisition complements the buyer’s existing portfolio, which includes a nearby property,” said Follman, who assisted both the seller and buyer in navigating complicated certificate-of-occupancy issues related to the expansion. “The nearby property provides the new owner of Harbor View with an opportunity to enhance management efficiencies.”
“For nearly three years, Steve has worked tirelessly with both the seller and the buyer to get this deal to the closing table,” said Ken Uranowitz, Gebroe-Hammer managing director. “The sale was completed because of Steve’s perseverance in overseeing every detail, including all governmental inspections and permits. He even went so far as to supervise, on many occasions, on-site contractors and their suppliers to complete various punch-list items necessary for final COs for the new 21-unit building. It really was a tremendous effort above and beyond a broker’s typical job description.”
Financing for the acquisition was obtained from Investors Savings Bank and brokered by Mendy Pollack of Eastern Union Commercial. Legal counsel was provided by Riker Danzig Scherer Hyland of Morristown, N.J., and Mitchell Beinhaker, Esq., of Westfield, N.J., representing the seller and buyer, respectively.
Nestled in the southern part of Ocean County and a once-popular shipping port, Tuckerton is situated between the Pine Barrens and Little Egg Harbor Bay. Harbor View Plaza Apartments is within walking distance of the borough’s quaint shops, fine dining establishments and cafés and historic waterfront attractions.
Gebroe-Hammer Associates is the region’s dominant 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.
2 West Northfield Road, Suite 301
Livingston, NJ 07039