Gebroe-Hammer Associates is at the Forefront of Multi-Family Trading in Hudson County, N.J.

Brokerage Firm Orchestrates Three Transactions Involving 146 Total Units End Quote

Jersey City, NJ (1888PressRelease) April 30, 2011 - Hudson County's close proximity and access to New York City have rapidly propelled this apartment market to the investment forefront, with many Class-B and Class-C properties now coming online, according to Gebroe-Hammer Associates. The Livingston, N.J., firm recently closed three separate transactions, involving a total of 146 units sold for a combined $12.55 million, throughout this "Gold Coast" hub.

"With 12 municipalities, Hudson County is the smallest county in the state, in terms of square miles. Yet, it is one of the most densely populated areas in the Unites States," said Nicholas Nicolaou, sales associate. "With this dense population comes a high density of existing apartment buildings, many of which were built in the post-war era. The ratio of single-family homes to apartment rentals is quite low, keeping occupancy rates close to or at 100 percent, even through economic downturns. When you add low-interest mortgage rates into the equation, demand for product in all areas of Hudson County is unrelenting."

Nicolaou and Executive Vice Presidents Joel Schwartz and David Jarvis collaborated to close the $7 million sale of 171-181 Erie St., a 45-unit all-brick building in Jersey City. Located near mass transit, with direct links to Manhattan, the three-story building consists of 23 two-bedroom and 22 one-bedroom units. The Gebroe-Hammer team represented the seller and identified the buyer, both long-time clients of the firm. An area market specialist, last year Nicolaou closed the largest Jersey City sale, which involved a $17 million, 10-building portfolio.

In Hoboken, Nicolaou also arranged the sale of 712 Adams St., a five-story, 21-unit all-brick building. Once again, Gebroe-Hammer represented the seller, who owned the property for 25 years, and identified the buyer. The asset, which includes a ground-floor retail unit, traded for $3 million. An 80-unit complex also was sold by the brokerage firm for $2.55 million in Bayonne.

"The dynamics of the Hudson County market are highly unusual for this, or any, metro area because it is the most urbanized county in New Jersey," said Ken Uranowitz, managing director of Gebroe-Hammer. "The close proximity to - and views of - Manhattan make this area a magnet for residents who prefer an urban lifestyle and are looking to take advantage of favorable rental values, regardless of the economic cycle, when compared to Manhattan. Stabilized, strong occupancy rates attract investors, who are at the ready to spring into action whenever a building comes to market."

Gebroe-Hammer Associates' commercial real estate brokerage professionals specialize in multi-family, retail and office property investment sales. With a concentration on suburban and urban high-rise, mid-rise and garden-apartment properties, the firm also markets mixed-use and free-standing office and retail properties throughout New Jersey, New York and Pennsylvania.

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