The Investor - Gebroe

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INVESTOR
GEBROE-HAMMER ASSOCIATES
Gebroe-Hammer Building 2 West Northfield Road Livingston, NJ 07039 973-994-4500
2006 ANOTHER RECORD YEAR AT GEBROE-HAMMER
Sales Through Nov. are Over 25% Ahead of Last Year’s 12-month Record
Rosen Salesman Of The Year
Mel Gebroe, Robert Ploshnick and Ken Uranowitz
took advantage of our 31st Anniversary celebration
in November, to name Assistant Vice President, Eli
Rosen, recipient of the 2006 annual Morris Hammer
Salesperson of the Year Award. In only his second
year with Gebroe-Hammer Associates, Eli’s sales for
2006 totaled $150 million representing 1,860 units.
Named in the memory of Morris Hammer, cofounder of G-H-A, the Award is unique in that the
winner is elected by a secret vote of his peers and is
emblematic of outstanding sales achievements and
an on-going commitment to excellence.
Brecher, Oropeza Sales
Top $375 Million
From left, Ken Uranowitz, Mel Gebroe, Robert Ploshnick
One of the major contributions to our recordsmashing year were the sales logged by
Executive Vice President David Oropeza and
Joseph Brecher, a G-H Senior VP. Apart from
their continuing responsibilities as sales
supervisors, this dynamic duo had combined
sales figures for 2006 totaling $375 million
representing 5,200 multi-family residential
units.
Top Deals Of '06
3 Plainfield Sales
Complex Hudson Deals
Bergen & Passaic tops $7.5MM
South Jersey Sales total $52MM
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GEBROE HAMMER
A S S O C I A T E S
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INVESTMENT REAL ESTATE
2 West Northfield Road/ Livingston, NJ 07039
973-994-4500 FAX 973-994-9752
email: gebroehammer.com
Visit our website at www.gebroehammer.com
As 2006 comes to an end, the state of the economy continues to show
an upward trend. It is no secret that, as in the past, Gebroe-Hammer took
maximum advantage of a burgeoning multi-family investment market, low
interest rates and our unique ability to list and offer quality investment
products. As a result, we continued to provide unique growth opportunities for
our clients, and logged sales that shattered all of our previous records.
Mel Gebroe, founder and CEO of Gebroe-Hammer Associates
reported in our annual November meeting that the company's sales
through November 2006, were over 25% ahead of the numbers recorded
for the entire 12 months of the previous year. Mr. Gebroe pointed out that
Gebroe-Hammer Associates has consistently produced year-by-year
increases in sales and units sold for 31 consecutive years, despite economic
trends, social changes, or the vagaries of market conditions.
G-H Managing Director, Ken Uranowitz, stated: “Ever since our
founding in 1975, we always outpaced the prior year's numbers in sales volume
and units sold, even during the bumpy times in the late 80's and early 1990's.
As we entered the 21st Century, interest rates began to plummet, the stock
market was stumbling, and demand for real estate was surging.” The result, he
noted, were sales that went off the charts in 2004 and 2005, the latter
recording almost three quarters of a billion dollars.
Our sincere thanks to our clients and to our outstanding professional
sales and support staff for helping to forge our most successful year ever.
Quality investments, incremental profits, and creative real estate
opportunities, are standards by which the marketplace grows, and GebroeHammer Associates is committed to provide these to our broad-based business
clientele.
visit our website - www.gebroehammer.com
Rosen, Schwartz Sell
Pennsylvania Shopping Center
A 25,000 sq. ft. shopping center in northeast
Philadelphia, Pa., was sold recently by G-H Assistant
Vice President, Eli Rosen, recipient of the 2006
Salesman of the Year Award, and Exec. VP Joel
Schwartz. The selling price for the property was $1.785
million, financed by the purchaser with cash over a new
mortgage. Gebroe-Hammer Associates assisted with
the preparation of a new lease as well as the re-zoning of
the property.
Located on Byberry Road, a busy
thoroughfare with excellent visibility and high traffic
volume, the shopping center is 100% occupied.
Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker
of West Orange, represented the purchaser in the
transaction.
3 Plainfield Sales Net $10MM+
831 Central Avenue, Plainfield, NJ
Three multi-family investment properties
representing a total of 135 residential units in Plainfield,
New Jersey, were sold by G-H Assistant Vice President
Steven Tenenbaum and Executive Vice President Joel
Schwartz. The reported selling price for the three
apartment properties was $10,150,000.
One of the transactions, a two-property
package, was handled by a team comprised of Steven
Tenenbaum and Joel Schwartz; the second sale was
handled solely by Mr. Tenenbaum.
The two-property, 83 unit package consisted
of Pingry Arms located at 606 Crescent Avenue, and
Cornell Arms located at 735 Park Avenue. Both
buildings are among the finest multi-family properties in
Plainfield, are 100% occupied, and both are situated in
convenient yet quiet neighborhoods. Financing for the
package included a new first mortgage at market rates
from Washington Mutual Bank. Attorneys for the
transaction were Larry Raiss of Feinstein, Raiss, Kelin
and Booker, representing the seller; attorney for the
purchaser was Alan Popowitz of Wolf, Block, Brach &
Eichler of Roseland.
The second transaction involved 831 Central
Avenue in Plainfield, an all brick garden apartment
complex. Mr. Tenenbaum obtained an exclusive listing
for the property, and introduced the purchaser who
financed the sale with a new first mortgage from New
York Community Bank. Comprised of 15 two-bedroom
apartments and six three-bedroom units, the property is
100% occupied and is in excellent condition. It is fully
air conditioned, has on-site parking, laundry facilities, is
nicely landscaped and is situated on a quiet, tree-lined
street in the historic section of Plainfield. The attorney
representing the seller of the property was Gregory
Molyneiux of Pluckemin. Richard Kelin, Esq. of the
West Orange Law firm of Feinstein, Raiss, Kelin, and
Booker, represented the purchaser.
Complex Hudson County Sale
193-195 Clinton Avenue, Jersey City, NJ
In order to make a deal work, it takes a specialist with a broadbase of experience and know-how, the ability and a commitment to get
into the trenches to make a deal work; a genuine understanding of the
investment needs of buyers and sellers, to successfully handle the diverse
range of products that are the norm in the investment real estate
industry. An example of this is the recent sale of an investment property
in Jersey City by a team that included area sales representatives
Benjamin Greenstein and Elliot Schechter, along with Vice President
Greg Pine. The transaction involved the sale of a 25-unit mid-rise
investment property located at 193-195 Clinton Avenue, Jersey City.
The final sales price was reported at $1.525 million. The deal took on
added complexity, since it involved a number of HUD restrictions and a
D.C.A. grant in the amount of $500,000. Added to this was the
requirement mandating that all tenants must be approved by D.C.A. as
low or moderate income earners. D.C.A. approvals for the sale and
financing were subsequently obtained, and the deal moved to a
successful closing.
Located in the heart of Jersey City, near in-town shopping, one
of the region's finest health care providers and excellent public
transportation, 193-195 Clinton Avenue is a four-story mid-rise, all
brick multi-family dwelling containing 25 two and three bedroom
apartment units. The property is in excellent condition, having been
totally rehabilitated in 1999, and offers tenants on-site laundry facilities.
The attorney representing the seller of the property was David Hutt,
Esq. of the Edison-based law firm of Hutt & Shimanowitz. Representing
the purchaser was Richard Kelin, Esq. of Feinstein, Raiss, Kelin &
Booker, of West Orange.
Nancy Reilly Named
Among Top Women
In NJ Real Estate
Nancy Reilly, a G-H Senior Vice President, was featured in the recent
issue of Real Estate New Jersey magazine's “Women in Real Estate:
Profiles in Professionalism.” Employed by our company since its founding
in 1975, Nancy is in charge of our support staff and “is a key to the
company's administrative success.” Her responsibilities include total
supervision of our complex administrative functions and, as part of our
management team in our day-to-day business activity, she is involved in
long-range planning. Kudos to Nancy and our congratulations on this
esteemed honor.
Passaic, Bergen Sales Top $7.5MM
This past summer's heat wave didn't apply only
to the brutal weather patterns in New Jersey and the
surrounding states. Gebroe-Hammer Associates has been
involved in a hot streak of its own since the beginning of
this year, as the company has been on a selling tear,
breaking its own very impressive sales records. A case in
point are two recent sales in Passaic and Bergen Counties
for a combined selling price of more than $7.5 million.
The properties are located at 397 East 27th Street,
Paterson, and 263 Franklin Avenue, Ridgewood. The
Paterson sale was structured by a team of sales pros
consisting of area sales representative, Jay Lombardo, and
G-H Vice President, David Jarvis who also participated in
the Ridgewood deal along with Greg Pine, a GebroeHammer Vice President.
The Paterson property is a three story all brick
midrise building comprised of 17 two-bedroom apartment
units, all of which are occupied. The well-maintained
building is located on a corner lot in a quiet residential
neighborhood just off of Broadway in Paterson. Financing
for the sale of the property involved cash over a new first
mortgage from Washington Mutual Bank. The attorney
representing the seller was Barry Cohen, Esq. of Gelman
& Gelman of Elmwood Park. Representing the purchaser
in the transaction was Joseph Cicala, Esq. of the West New
York firm of Lefkowitz, Murphy, Peluso & Cicala, LLC.
Situated in one of Bergen County's most affluent
communities, the property at 263 Franklin Avenue,
Ridgewood, is an all brick mid-rise elevator building
comprised of 34 one-bedroom apartments and ten two
bedroom units. The sale was based on the purchaser
completing a 1031 tax exchange utilizing proceeds from a
previous transaction into this replacement property. As a
result, financing was not required, and the transaction was
a true all-cash deal concluded from contract to closing in
less than 45 days. The building is 100% occupied. The
attorney for the seller, who owned the property for 37
years, was Jonathan S. Margolis, Esq. of the New York law
firm of Bryan Cave, LLP. Thomas Cohn, Esq. of Wolf,
Block, Brach, Eichler of Roseland, represented the
purchaser in the transaction.
263 Franklin Ave., Ridgewood, NJ
Lombardo Sells 2 Passaic Properties
193 Passaic Street, Passaic, NJ
Two investment properties in Passaic, New Jersey were sold
by G-H sales rep., Jay Lombardo for a combined selling price in excess
of three million dollars.
One of Gebroe-Hammer's most promising young sales
representatives, Lombardo was responsible for the sale of the two
Passaic properties which involved all brick mid-rise apartment
buildings at 193 President Street and 193-197 Parker Avenue.. Selling
prices were in excess of $1.5 million each. Both properties are 100%
occupied and, although they have been well-maintained over the
years, the new owners plan numerous upgrades. Financing involved a
new first mortgage over cash for each of the two buildings. A first-time
Gebroe-Hammer client, the purchaser bought the properties from
different sellers and closed on both on the same day. The four story allbrick building at 193-197 Parker Avenue is comprised of 17 onebedroom apartments and eight two-bedroom units and was owned by
the same family for more than 90 years prior to this transaction. Also of
all-brick construction, the President Street property has 20 units
divided into 17 apartments and three retail stores. Joseph Pojanowski,
Esq. of Clifton, represented the seller of 193 President Street; the
attorney for the seller of the Parker Avenue property was Frank
Carlet, Esq. of the law firm of Carlet, Klein & Zaretsky, also of Clifton.
The purchaser of both properties was represented by Pat DeMarco.
Esq. of North Haledon.
Steiner Logs Elizabeth Sales Totaling
$38MM
The sale of Monroe Gardens in the Union County municipality
of Elizabeth, New Jersey, topped a five-month spate of deals in that
community that totaled more than $38,000,000. A team, comprised of
Joel Schwartz and David Oropeza, G-H Executive Vice Presidents, and
area sales representative, Dustin Steiner, successfully completed the five
Elizabeth transactions comprised of 557 apartment units. One of the
transactions involved a package deal containing 236 residential units
along with a mid-rise building located at 775 North Broad Street.
Financing for the Monroe Gardens transaction involved a new
first mortgage which the purchaser obtained from a local banking
institution. The deal was successfully completed in a most competitive
brokerage environment, and it was to the credit of Messrs. Schwartz,
Oropeza and Steiner that all parties to the transaction achieved their
desired goals. Representing the purchaser in the transaction was
Lawrence Raiss, Esq. of the West Orange law firm of Feinstein, Raiss,
Kelin & Booker.
A 140-unit garden apartment situated in a quiet residential
setting, Monroe Gardens is located at 1030 Monroe Avenue, in close
proximity to Routes 1&9, the New Jersey Turnpike and Newark's Liberty
International Airport. Monroe Gardens was owned by the same family
prior to this sale since the early 1970's and is 99% occupied.
Gebroe, Hammer Families Donate $1 Million
Contribution Endows UJC's Metro West Conference Center
When the United Jewish Communities of Metro West expressed a need for a new conference center in its Metro
West Campus in Whippany, the families of Mel Gebroe and the late Morris Hammer came through with a one million
dollar grant to underwrite the project. This generosity wasn't unusual for the two families whose charitable contributions
and philanthropies over the years both for religious and secular causes have been legendary. In recognition of the gift, the
two families were honored at a ceremony attended by a host of community leaders and legislators who participated in a
formal dedication of the sparkling new conference facilities at the UJC headquarters.
Founders of Gebroe-Hammer Associates in 1975, both Mr. Gebroe and Mr. Hammer boast a legacy of
philanthropy over the years that has positively impacted their respective communities as well as numerous important
Jewish charities. According to Max Kleinman, Executive Director of the UJC, this million dollar endowment in the family
names represents a continuation of their good works. Accepting the honors were Mel Gebroe on behalf of his late wife,
Laurel and the Gebroe family, and Miriam Hammer on behalf of her husband, the late Morris Hammer and the Hammer
families.
Brecher Spearheads Sales Totaling $52MM & 1014 Units
Joseph Brecher, a Senior VP and one of our top salesmen,
spearheaded two major sales in southern New Jersey for a total
selling price in of excess of $52 million. The sales involved a twoproperty package in Lindenwold and Haddonfield and a multifamily residential property with high-end retail space in Lakewood.
Attorney for the seller of the Lindenwold-Haddonfield transaction
was Simon Gluck, Esq. of New York City; Richard Kelin, Esq. of the
Roseland firm of Feinstein, Raiss, Kelin & Booker, represented the
purchaser In the Lakewood sale, Kenneth Gleidman, Esq. of New
York City represented the seller, while Richard Kelin, Esq. was the
attorney for the purchaser. Also involved in the sales were GebroeHammer area sales representatives Barry Mermelstein in the
Lindenwold-Haddonfield deal, and Steven Follman in the multiWashington Square Apartments, Lakewood, NJ
family- retail property sale in Lakewood.
The package deal involved Coachman Manor in Lindenwold, a 546-unit, 30-building garden complex, and The Village of
Haddonfield which is comprised of 324 units in 32 buildings. Selling price for the package was $26 million. Coachman Manor provides
tenants with outstanding access to Center City Philadelphia and its environs as well as to southern New Jersey markets. The Lakewood
sale involved Washington Square Apartments plus 20,000 sq. ft. of high-end retail stores at 417-419 Cedar Bridge Avenue. Comprised
of 144 units in two four-story buildings, Washington Square Apartments sold for $26 million. The property is situated on 8.2 acres of
nicely landscaped land fronting Cedar Bridge Avenue/Route 623.
GEBROE HAMMER
A S S O C I A T E S
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INVESTMENT REAL ESTATE
2 West Northfield Road/ Livingston, NJ 07039