Recent Real Estate Transactions for the State of New Jersey by wfd16828


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                                 E    INVESTOR
                               GEBROE-HAMMER ASSOCIATES
                                                          Newsletter of

   Gebroe-Hammer Building • 2 West Northfield Road • Livingston, NJ 07039 • 973-994-4500

    G-H INTRODUCES 2ND                                     SIX MONTH SALES AT ALL TIME HIGH
   GENERATION MGT. TEAM                                      Mel Gebroe Reports on Tri-State Sales Activity
Gebroe-Hammer                                              Sales are continuing at a very brisk pace, and the
Associates’ fast-paced                                     numbers thus far this year are markedly ahead of
                                                           the record-smashing figures for the same six-month
success, the unfortunate
                                                           period in 2005. This was the essence of a mid-year
passing      of    Morris                                  report by Mel Gebroe, G-H co-founder and
Hammer         and      the                                Chairman, who projected a continuation of this
realization that the time                                  positive activity through the end of this year.
had come to move                                           "We’re on target to surpass last year’s extraordinary
forward in the high tech                                   $725 million in sales of investment properties by
world of investment                                        our company," he said, noting that first quarter
real estate all pointed to                                 figures bear out the prositive projections.                Mel Gebroe
a need for change in                                       Gebroe-Hammer Associates’ sales figures have increased exponentially every
Gebroe-Hammer                                              year since our founding in 1975, in good economic times and bad. Today, the
Associates’ corporate Ken Uranowitz left, and              company’s dominant position in the investment real estate marketplace is a
structure. It was obvious       Robert Ploshnick           tribute to and is a result of our dedication to the investment needs of our
that a second, younger generation of management            clients and an unflagging commitment to integrity and professionalism.
would be necessary to continue Gebroe-Hammer’s
legacy and to secure its position of leadership in the     MAJOR MULTI-FAMILY SALES IN PHILADELPHIA
years ahead. Fortunately, Mel Gebroe and Morris            Two important multi-family deals that recently closed in Philadelphia gave
Hammer foresaw this need for change, and                   added credibility to Gebroe-Hammer’s reach in the Tri-State region.
positioned the company to meet the challenges that         Totaling more than $74 million, the two transactions involved more than
lay ahead with little or no disruption in corporate        650 residential units. The sale of School Lane House Apartments in
policy or sales activity.                                  Philadelphia was handled by a team of G-H professionals that included
Oddly enough, the positioning harks back to 1975
                                                           Executive Vice President, Joel Schwartz, Joseph Brecher, G-H Sr. Vice
when we first opened our doors for business and Ken        President, and Assistant Vice President, Eli Rosen. The selling price for
Uranowitz and Robert Ploshnick joined Gebroe-              the property was in excess of $40,000,000. We obtained an exclusive
Hammer Associates in entry level positions. What           listing agreement from the seller and procured a purchaser, and that, plus
these young men lacked in experience more than             the depth of knowledge demonstrated by Mr. Rosen, were the major
thirty years ago, they made up in enthusiasm and an        factors in the effective marketing of the property. Located at 5450
extraordinary desire to learn the investment real          Wissahickon Avenue, School Lane House Apartments is situated on 5.93
estate business. With Mel Gebroe and Morris                lushly landscaped acres in the upscale East Falls section of Philadelphia.
Hammer as their mentors and with hands-on                  The two eleven-story luxury high rise buildings are comprised of 487
experience gained from their years in the trenches,        apartment units plus 13,384 sq. ft. of ground floor retail space. Its
Uranowitz and Ploshnick rose through the ranks to          amenities include an on-site café, 24-hour concierge service, a recently
management positions within the company, setting
                                                                                                     renovated state-of-the art
records along the way for sales and numbers of
residential units sold. As their stature within the
                                                                                                     fitness     center     with      a
company grew, their responsibilities became more                                                     magnificent swimming pool
complex and included, among a host of others,                                                        with cabana club and on-site
supervising and teaching members of the sales staff,                                                 parking facilities. The property
developing new corporate and sales structures and,                                                   recently has undergone major
generally, assuming the mantle of company                                                            renovations. The site is in close
managers. The timing couldn’t be better, and with a                                                  proximity to Center City and
vibrant new Management Team at the forefront,                                                        the Main Line. The transaction
                                        Con’t on Page 4                                              was an all cash deal to the seller
                                                                   School Lane House Apts.                               Con’t on page 2
                                                 SCHWARTZ, BRECHER SELL E. WINDSOR PROPERTY
              ASSOCIATES                         The Orchards, a 30-building multi-family co-op garden apartment
                                                 complex in East Windsor, New Jersey, was sold by G-H Executive Vice
 Founded by Mel Gebroe and Morris                President Joel Schwartz, and Joseph
 Hammer in 1975, Gebroe-Hammer                   Brecher, a Gebroe-Hammer Senior
 Associates quickly evolved as one of            Vice President. The selling price of
 New Jersey’s largest and most                   $16.5 million involved 223 residential
 influential companies specializing in           units which were sold as co-ops in the
 investment real estate sales and                470 apartment complex.
 marketing. We have, in fact, logged
 record-smashing sales figures, both in          Financing for the sale was complex
 terms of dollar volume and units sold,          and required hands-on attention to
 every single year since our founding,           detail along with the unique creative
 despite the vagaries of the economy             abilities of the sales team. Mr.
 and changing market conditions.                 Schwartz and Mr. Brecher structured an all cash deal in which the
 Headquartered in Livingston, New                purchaser invested equity over and above the underlying co-op mortgage,
 Jersey, Gebroe-Hammer Associates is a           with Gebroe-Hammer selling shares of co-op stock as opposed to selling
                                                 the property as conventional real estate. Gebroe-Hammer obtained an
 specialized      company     providing
                                                 exclusive listing on the property, thereby assuring that the intricacies and
 professional brokerage services to
                                                 complex issues regarding the financing for the transaction would be
 private investors, REITS, and financial
                                                 understood and resolved by all of the principals and lenders.
 institutions involved in income-
 producing multi-family properties,              Located on One Mile Road in East Windsor, The Orchards Co-Op is
 office buildings and shopping centers.          95% occupied and provides on-site parking, laundry facilities, and a
                                                 number of resident amenities, including an outdoor swimming pool.
PHILADELPHIA SALES CON’T                         Upgrades are planned for many of the apartment interiors in the near
(continued from pg. 1)                           future. Located within the vaunted Princeton Corridor, the property is
in which the purchaser, SLH, LP of Brooklyn,     in close proximity to the Princeton Junction Train Station connecting the
New York, obtained a new first mortgage plus     area to New York City and Center City Philadelphia.
cash. The second transaction involved the St.
Ives Apartments located at 3300 Woodhaven              PATERSON HIGH-RISE SOLD BY G-H TEAM
Road. Selling price for the property was
reported to be in excess of $34 million.                                          The Empress House, a luxury high rise
                                                                                  multi-family dwelling in Paterson, New
Only ten days elapsed from the time                                               Jersey, was recently sold by our
Gebroe-Hammer received authorization to                                           company for a reported figure in excess
sell the St. Ives Apartments to the time a                                        of $12 million.
meeting of the minds was achieved and it                                        The sale was consummated by a team of
eventually went to contract. The sale was                                       G-H sales professionals consisting of,
financed with all cash above a new mortgage,     area sales representative, Jay Lombardo, and G-H Vice Presidents
and the deal was consummated quickly to          David Jarvis and Alan Lieberman. Financing for the sale involved a
the satisfaction of all parties.                 new first mortgage plus cash.

The St. Ives Apartments is comprised of 167      "The Passaic-Bergen County area is a vibrant, fast-moving segment of
                                                 the northern New Jersey investment real estate market," said G-H
one-bedroom apartments, 293 two-bedroom          Managing Director Kenneth Uranowitz. He went on to suggest that
units, and 56 four-bedroom townhouse             the diligent, hands-on effort on the part of the Gebroe-Hammer sales
apartments in 38 all brick garden apartment      team were largely responsible for the successful closing of this
buildings. The entire property is in excellent   transaction.
condition and is 95% occupied. Among its
                                                 Located at 39 East 39th Street, Paterson, the Empress House is a 135-
numerous amenities are a swimming pool,          unit landmark property comprised of 68 one-bedroom apartments, 43
tennis courts and a fitness center.              two-bedroom units, and 24 studios. The eight-story all brick building
The property is conveniently situated only       is 100% occupied and is in immaculate condition with all new kitchens
                                                 and bathrooms. The property is situated in a quiet, residential
15 minutes from Center City, Philadelphia        neighborhood, contiguous to the Fair Lawn border, and is adjacent to
and is in close proximity to the Pennsylvania    Route 20 and is only one mile from Route I-80 and the Garden State
Turnpike and Route I-95.                         Parkway, and Routes 46, 4 and 17.
      MID-RISE BLDGS. IN BELLEVILLE                                                4 ESSEX CTY. DEALS LOGGED
         AND JERSEY CITY SOLD                                                             BY OROPEZA
In a fitting start to 2006, we sold investment properties comprising
99 apartment units in Jersey City and Belleville, with a total selling
price in excess of $8 million. The Jersey City sale was orchestrated
by G-H Executive Vice President David Oropeza and area sales
representative, Elliot Schechter. The Belleville deal was spearheaded
by Gebroe-Hammer Vice President, David Jarvis, and area sales
representative Jay Lombardo. Comprised of 73 apartment units in
two buildings, the two Jersey City properties sold for in excess of $5
million. The properties are located at 192-200 Clinton Avenue and
22 Gifford Avenue. The Clinton Avenue building is a four-story
                                            building and the Gifford
                                            Avenue property is a five-
                                            story      midrise;     both
                                            properties are in excellent    Mel Gebroe, Chairman and co-founder of Gebroe-Hammer
                                            condition and are 100%
                                            occupied.      The sites are
                                                                           Associates, announced the sale of multi-family investment
                                            accessible to the New Jersey   properties in East Orange and Orange, New Jersey for a
                                            Turnpike, Routes 1 and 9       reported selling price of approximately $7 million for the four
                                            and the Hudson River           properties. The sales were orchestrated by Gebroe-Hammer
                                            crossings to Manhattan.        Executive Vice President, David Oropeza, and were
                                            Financing for the sale was     comprised of two garden apartment complexes and two
   192-200 Clinton Ave, Jersey City provided by a New York
                                                                           midrise buildings, containing a total of 115 residential units.
financial institution. A long time Gebroe-Hammer client, the seller        All of the properties are in excellent locations in close
of the two properties was represented in the transaction by Lawrence       proximity to the Garden State Parkway, I-280, and a number
Raiss, Esq. of the West Orange law firm of Feinstein, Raiss, Kelin and     of local access roads. Public transportation also is near all of
Booker. Attorney for the purchaser was Saul Kasovitz, Esq. of Fader
& Kasovitz of New York City.                                               the sites as are schools, shopping and health care facilities.
The second deal involved El Dorado Gardens at 200-212 Mill
Street, Belleville, an all brick building comprised of six one bedroom
                                                                           The sale of the 42-unit all brick midrise building located on
apartments and 20 two-bedroom units, all of which are 100%                 150 So. Harrison Street, East Orange, was orchestrated by
occupied. The selling price was just under $3 million. The property        Mr. Oropeza on behalf of the seller. Steven Tenenbaum, a
on which the El Dorado is located is nicely landscaped and has a           Gebroe-Hammer Assistant Vice President, procured the
private area for on-site tenant parking. The property is located on a      purchaser in the transaction. The property is comprised of 27
quiet residential street of Belleville just off Washington Avenue, the     one-bedroom units, 10 two-bedroom apartments, and five
community’s bustling business area, and is near public bus and train       studios. Mr. Oropeza’s second East Orange transaction
transportation, The Garden State Parkway, New Jersey Turnpike,             involved a garden apartment complex at 64 East Park Street.
Routes 3 and 17, and Hudson River crossings to Manhattan. A 1031           Containing 18 two-bedroom apartment units with on-site
tax exchange was structured for the purchaser. The seller held a new       parking for residents, the three-building complex had been
first mortgage on the property. A longtime Gebroe-Hammer client,           owned by the seller of the property for more than thirty years
the seller was represented in the transaction by the late Francis X.
Rieger, Esq. of Hackensack. Anthony J. Graceffo, Esq., also of
                                                                           and is 95% occupied.
Hackensack, was the attorney for the purchaser.
                                                                           The second garden apartment sale involved a 21-unit
                                                                           complex located at 509 Fairview Avenue, Orange. The
   GH TEAM COMPLETES JERSEY CITY                                           complex has 10 one-bedroom apartments, five two-bedroom
        SALE FOR $1.8 MILLION                                              units, and six three bedroom residences each with 1 1/2 baths.
The hot streak continues, as Elliot Schechter closed yet another           In this transaction, Mr. Oropeza and G-H Vice President
multi-family investment deal in Hudson County. Working closely             David Jarvis represented the seller, while the purchaser was
with area sales representative Benjamin Greenstein and G-H Vice            procured by Joseph Brecher, a Gebroe-Hammer Senior Vice
Presidents, Greg Pine and David Jarvis, representing both the buyer        President. Rounding out Mr. Oropeza’s four sales was a 34-
and the seller in this latest deal, Elliot sold the midrise multi-family   unit elevator midrise apartment building at 449
property at 84 Waldo Avenue, Jersey City for a reported $ 1.8              Mountainview Avenue, Orange, that was handled by Mr.
million. The all brick building is comprised of 25 apartment units         Oropeza and Sr. VP. Joseph Brecher. G-H Vice President,
including 23 two-bedroom units and two three-bedroom                       Alan Lieberman, obtained the purchaser in the transaction.
apartments. The property is 95% occupied, in very good condition,          The well-maintained, fully-occupied building has 31 two-
and has on-site laundry facilities for residents. Conveniently             bedroom apartments and three three-bedroom units.
located within walking distance of the city’s main shopping area in
Journal Square, the property overlooks the Hudson River, providing
dramatic views of Manhattan’s skyline. Public bus and train
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transportation are nearby as are the New Jersey Turnpike, Routes 1       
and 9, and Hudson River crossings to New York City
                         DOVER INVESTMENT PROPERTY SOLD FOR $10MM+
Dover Hills Apartments, a four-building garden                   tenant parking, is nicely landscaped and offers on-site
apartment complex in Dover was sold by Greg Pine                 laundry facilities. While the four brick buildings are
and David Jarvis, Gebroe-Hammer Vice Presidents                  in good condition, the new owners plan extensive
and two of our company’s most successful northern                upgrades to include new windows and HVAC
New Jersey sales representatives. The selling price was          systems. Conveniently located only one-half mile
in excess of $10 million.                                        from a New Jersey Transit train station, Dover
Dover Hills Apartments, is located 99-120 First                  Hills offers easy access to Routes 10, 46 and I-80.
Street, is fully occupied and is comprised of 100                Excellent in-town shopping is in nearby Dover,
                            residential units, 73 of             and a number of expansive shopping malls are
                            which are one-bedroom                located on Routes 10 and 46, only a few minutes’
                            apartments, 15 two                   drive from the complex.
                            bedroom apartments,                  Attorney for the seller of Dover Hills was
                            and 12 three-bedroom                 Jennifer Alexander, Esq. of Griffin, Griffin &
                            units. Dover Hills is air-           Alexander of Randolph. Richard Joel, Esq. of
                            conditioned, has on-site             Oradell, represented the purchaser.
  192-200 Clinton Ave, Jersey City

MANAGEMENT TEAM                                                                 ROSEN NAMED AVP
(continued from pg. 1)
Gebroe-Hammer Associates successfully transitioned to meet
the challenges posed by 21st Century technology.                 Eli Rosen, an area sales representative
The baton has been passed. After more than three decades, the    specializing in the sale of properties in
two men who began their careers as entry level trainees, have    Pennsylvania, has been named an
emerged as Managing Directors, and today, together with Mel      Assistant Vice President of Gebroe-
Gebroe, the company’s brilliant co-founder and Chairman,
they have assumed the massive responsibilities of leading        Hammer Associates. According to Mel
Gebroe-Hammer Associates. Ably complemented by G-H               Gebroe, "Eli is a highly motivated, tenacious
Executive Vice Presidents David Oropeza and Joel Schwartz,       sales specialist who has proved his mettle
and Nancy Reilly, a Senior Vice President who began her career   over and over again. He is deserving of this
with Gebroe-Hammer back in 1975, the management trio of
Mel Gebroe, Ken Uranowitz and Robert Ploshnick can               recognition, and we welcome him to our
confidently look to a future of continuing success.              dynamic Management Team."

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