2 West Northfield Road
Livingston, NJ 07039
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Release Date: 07/25/2007
GEBROE-HAMMER CLOSES $3.2 MILLION SALE IN HUDSON COUNTY41-Unit Multi-family Building Sells in Days as Part of 1031-Exchange
LIVINGSTON, N.J., July 24, 2007 – Gebroe-Hammer Associates has announced completion of a $3.2 million multi-family transaction in Hudson County. An industry leader for more than three decades, Gebroe-Hammer is among the tri-state region’s most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties.
Scott Callahan, vice president, arranged the sale and procured the buyer for a five-story, 41-unit brick building in Union City. The firm was granted the exclusivelisting to market the property on behalf of Duncan Fairview Associates LLC of Union City, N.J., a long-time Gebroe-Hammer client.
The transaction was completed in a very timely manner, according to Callahan. The property was part of a 1031-Exchange where the buyer invested proceeds from a real estate sale into the apartment building without a tax penalty. “As a result, the time constraints in this exchange concerned the buyer. It was sold within a few days after being listed and went to contract the day after an offer was submitted,” explained Callahan. “The buyer was eager because of the quality, location, and condition of the property, as well as the financial aspects of the deal.”
Attorneys for the transaction were Walter J. Fessler, Esq., of Lum Danzis Drasco & Positan LLC, Roseland, N.J., representing the seller; and Aaron Stein, Esq., of Brooklyn, N.Y., representing the purchaser.
Union City is located only two miles from New York City with excellent access to the New Jersey Turnpike, Garden State Parkway, and Route 495, Route 3, and U.S. Route 1/9. The area also offers close proximity to the Hudson-Bergen Light Rail station, Newark Liberty International Airport, and LaGuardia Airport in Flushing, Queens.
“The northern New Jersey multi-family market is posting stable employment growth, solid demand, and positive demographics, making it keenly attractive to investors,” added Kenneth Uranowitz, managing director of Gebroe-Hammer.
With 22 years of broad-based experience in real estate representation, Callahan is one of Gebroe-Hammer’s top producers with a long history of sales achievements. “Notwithstanding a continued shortage of available for-sale product, we are representing a few properties currently on the market in Hudson County, offering exceptional value with the potential for growth in an already strong rental market,” notes Callahan.
Based in Livingston, New Jersey, Gebroe-Hammer Associates 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. Most recently, in 2006, the company experienced a record increase of more than 25 percent overall in revenues as compared with 2005, which also was another record-setting year. 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