2 West Northfield Road
Livingston, NJ 07039
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Release Date: 05/08/2007
GEBROE-HAMMER TEAM SELLS $3.6 MILLION ROSELLE PARK MULTI-FAMILY PROPERTYBrokerage Team Completes Transaction in Just One Week
LIVINGSTON, N.J., May 8, 2007 – Gebroe-Hammer, one of New Jersey’s most active brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, has arranged the sale of Westfield Commons, a brick garden apartment complex at 415 Westfield Avenue in Roselle Park.
The recent $3.6 million transaction of the 40-unit complex amounted to $90,000 per apartment. The Gebroe-Hammer sales team consisted of Joel Schwartz, executive vice president; Joseph Brecher, senior vice president; and Steven Tenenbaum, assistant vice president. The firm had the exclusivelisting to market the property on behalf of the seller and procured the buyer, both of whom are repeat, long-time loyal Gebroe-Hammer clients.
The property was recently renovated with all new windows, new paving, and 75 percent of all the kitchens and baths were completely renovated. The Gebroe-Hammer sales team, upon receiving authorization from the owner to sell the property, was able to accommodate the sellers’ requirements to complete a 1031 Exchange. “Once given the go-ahead, our ‘marching orders’ were to have an executed firm contract between buyer and seller within one week, which we were able to deliver,” Schwartz said.
The property is located in this highly developed borough of Union County known for its easy accessibility to the Garden State Parkway and New Jersey Turnpike. Newark Liberty International Airport is approximately 10 minutes away and Linden Airport, a general aviation facility is in nearby Linden, New Jersey.
Attorney Alan Popowitz, Esq. of Wolf Block Brach Eichler of Roseland represented the seller. Larry Raiss, Esq. of Feinstein, Raiss and Kelin of West Orange represented the purchaser.
Ken Uranowitz, managing director, explained that Gebroe-Hammer’s reputation for excellence is well established in the New Jersey, New York, and Pennsylvania metropolitan area. “The pace of our recent activity clearly reveals that our brokerage team is well-positioned to deal with any obstacles and close transactions in an extremely quick timeframe.”
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