NEWS RELEASE
Gebroe-Hammer Associates
2 West Northfield Road
Livingston, New Jersey 07039
Media Contact:
Carin McDonald / (201) 796-7788 / carin@caryl.com
GEBROE-HAMMER ASSOCIATES RECORDS $20.7 MILLION IN MULTI-FAMILY
HOUSING AND COMMERCIAL REAL ESTATE TRANSACTIONS
Six Deals Closed in Northern New Jersey Cities and Suburbs
LIVINGSTON, N.J., March 2, 2009 – Gebroe-Hammer Associates, the region’s leading
commercial real estate investment firm, has announced six property transactions
throughout Essex, Hudson and Sussex counties. The mixed-use and five multi-family
housing buildings involved 225 units, which sold for a total of more than $20.7 million.
The largest trade was the $12.5 million sale of 150 units at 317-343 Fairmount and 62
Kensington Avenues in Jersey City, N.J. Sales Associate Benjamin Greenstein and
Alan Lieberman, vice president, represented the seller and procured the buyer, both of
whom are long-time private investment clients. The five mid-rise buildings are located in
close proximity to Journal Square and Saint Peter’s College. Each features an all-brick
façade and a mix of one-, two- and three-bedroom units. The buildings were
approximately 80 percent occupied at the time of sale.
“To take advantage of the hot investment climate in Jersey City, the buyer is planning
comprehensive renovations, including a state-of-the-art security system, that will add
short- and long-term value to the buildings,” said Greenstein, who noted area
occupancy rates are approximately 95 percent. According to Gebroe-Hammer, area
rental rates are $825 for one-bedroom and $975 for two-bedroom units.
Favored by commuters traveling to Manhattan as well as western parts of New Jersey,
Jersey City offers a variety of convenient transportation options, including bus lines,
rapid transit, ferries, tunnels and rail lines. Nearby highways include Interstate-280, U.S.
Routes 1 and 1A, with the Pulaski Skyway alternate, the New Jersey Turnpike and I-78.
Legal counsel was provided by Harold Ritvo, P.C., of Hackensack, N.J., and Jonathan
Mehl, Esq., of Rutherford, on behalf of the seller and buyer, respectively.
Two additional deals exceeding $3.35 million also were closed in nearby Newark.
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Gebroe-Hammer/Records $20.7 Million in Multi-Family Housing/Page 2
Executive Vice Presidents David Jarvis and David Oropeza orchestrated the two
separate sales of 260-262 as well as 254 Mt. Prospect Ave., located in the Forest Hills
neighborhood. The area is one of the most attractive, prestigious districts of Old
Newark.
Jarvis also negotiated the sale of 119 South Orange Ave., a commercial building in
South Orange, for $780,000, while Oropeza and Elliott Schechter, sales associate,
orchestrated the $3.235 million disposition of 391 Union Ave., a 65-unit building in
Irvington.
Legal representation for the sellers and buyers in the Hudson and Essex County deals
was provided by Daniel J. Roy of Maplewood and Richard Kelin of Feinstein Raiss Kelin
& Booker of West Orange for 260-262 and 254 Mt. Prospect Ave.; Wolf Block of
Roseland and Daniel J. Roy for 119 S. Orange Ave.; and Irving Tobin of Hillside and
Robert A. Schandler of Cliffside Park for 391 Union Ave., respectively. Each firm is
based in New Jersey.
In Sussex County, New Jersey’s northernmost county, Sales Associate Stephen
Tragash negotiated the $835,000 sale of 56 Unionville Rd., a 10-unit building in the
town of Sussex. Nestled within one of New Jersey’s most picturesque regions, the area
offers several popular points-of-interest, including seven state and federal parks.
Sussex has become one of New Jersey’s most sought-after bedroom communities
favored by commuters. Counsel was provided by Kevin Racquet of Bilheimer & Racquet
in Parsippany, N.J., and Matthew C. Wronke of Wronke & Wronke in Succasunna, N.J.,
on behalf of the seller and buyer, respectively.
“From the Gold Coast to the Appalachians, demand remains constant for multi-family
housing investment properties across all class categories, from high- to moderatequality buildings, in urban and suburban neighborhoods with stable occupancy rates,”
said Ken Uranowitz, managing director of Gebroe-Hammer Associates.
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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About Gebroe-Hammer Associates