7-11-14

Real Estate Journal — July 11 - 24, 2014 — 25A

www.marejournal.com

M id A tlantic

M id A tlantic R eal E state J ournal Re-emergence of Freehold & Asbury Park draws investors Gebroe-Hammer Associates completes $8.95m in sales

REEHOLD/ASBURY PARK, NJ — In the wake of on-going recov- ery from Superstorm Sandy, multi-family investments throughout Monmouth Coun- ty’s eclectic, historic boroughs and cities are heating up, according to the brokerage professionals at Gebroe- Hammer Associates . Most recently, the Livingston-based firm exclusively represented the sellers and identified the buyers in two separate sales involving Monmouth Pines in Freehold Borough and Grand Regency Condominiums in Asbury Park. “Monmouth County’s 27 miles of beaches and their surrounding communities continue to make a strong comeback, both in terms of the economy and post-superstorm revitalization,” said Steven Follman , VP, who is the firm’s area market specialist and was involved in both transac- tions. “This re-emergence is drawing investors who recog- nize the ever-growing strength of the Jersey Shore region’s multi-family market and have past experience in reposition- ing properties in order to ren- F

Grand Regency Condominiums and Monmouth Pines

der them more competitive in today’s market.” In addition to Follman, Joseph Brecher , manag- ing director, and Elimelech Herskowitz , sales associate, orchestrated the $4.7 million trade of Monmouth Pines, located at 8 Monmouth Ave., in Freehold. East of the county seat in Asbury Park, Follman also arranged the $4.25 million sale of Grand Regency Con- dominiums. The two-building complex is located at 315-410 8th Ave. in the northeast sec- tion of this waterfront city. “Monmouth County’s cul- ture, music, shopping, sports entertainment, historic sites and outdoor leisure areas are complemented by ease- of-access to New York City’s job centers and 24/7 lifestyle offerings, via ferry,” said Foll-

man. “This makes it a year- round living destination for an ever strengthening renter pool.” In addition to its presence throughout Central New Jer- sey, Gebroe-Hammer As- sociates is active throughout the state as well as Penn- sylvania, including Phila- delphia, and New York. The Livingston, based firm spe- cializes in suburban and ur- ban high-rise, mid-rise and garden-apartment properties. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long- term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales perfor- mance, the firm is a 10-time CoStar Power Broker. n

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