2 West Northfield Road
Livingston, NJ 07039
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Release Date: 05/04/2007
GEBROE-HAMMER TEAM CLOSES TWO DEALS TOTALING MORE THAN $15.2 MILLIONFollman, Brecher Negotiate Monmouth County Transactions
LIVINGSTON, N.J., May 4, 2007 – Gebroe-Hammer, one of New Jersey’s most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, recently completed two major transactions totaling more than $15.2 million in Monmouth County. The activity included the sale of a multi-family property in Asbury Park and the sale of an apartment complex in Matawan.
In Asbury Park, Steve Follman, area sales associate, recently arranged the sale of 40 units at 702-704 Fifth Avenue for $4.1 million. Follman represented the seller, LDF Management Inc., and procured the buyer. The firm was awarded the exclusivelisting to market the property on behalf of the seller.
Attorney Sanford Brown, Esq. of Brown and Connelly in Ocean, N.J. represented the buyer. Attorney Anthony Pagano, Esq., of Novins, York, Pentony, and Pagano in Toms River represented the seller.
In Matawan, Joseph Brecher, senior vice president, worked with Follman on the $11.125 million sale of Chestnut Court for the New Jersey-based Solomon Organization. Brecher represented the seller and procured the buyer, both of which are long-time loyal Gebroe-Hammer clients.
Attorney Allen G. Popowitz, Esq. of Wolf Block Brach Eichler of Roseland represented the seller. Attorney Steven Fleissig, Esq. of Herrick, Feinstein in Newark represented the buyer.
“The deal was conducted within a very short time-frame,” said Brecher. “The buyer is planning extensive renovations to the property with regards to the grounds and exteriors. In addition, we were able to help the buyer realize the potential of increased income since all the units have individual HVAC systems. As a result, it would be possible to separately meter each unit so that each tenant would be responsible for their own utilities.” The 100-unit apartment complex was 100 percent occupied at the time of the sale.
Ken Uranowitz, managing director, added that the diversity and quality of multi-family product represented by Gebroe-Hammer brokers, combined with their years of experience, professionalism and tenacious approach distinguishes the firm from its competitors in the investment real estate sales industry and contributed to these transactions.
Gebroe-Hammer, is the dominant brokerage firm in the New Jersey tri-state region, specializing in investment/sales of multi-family, retail, and office properties. The company 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 areas undergoing revitalization and redevelopment initiatives. The company’s prime geographic area of focus includes New Jersey, Pennsylvania and New York, with additional transactions nationwide as well as representation of owners located around the globe.
2 West Northfield Road, Suite 301
Livingston, NJ 07039