4B — July 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal



EANECK, NJ — Ge- broe-Hammer Associ- ates recently capped Distressed multi-family assets in Bergen & Passaic counties Gebroe-Hammer arranges $2.049 million in sales T

offer tremendous performance potential,” said Ken Uranow- itz, managing director. “The locations of these particular properties – both offering com- muting convenience and easy access toManhattan – are high on any investor’s wish list.” The Bergen County transac- tion, brokered by senior vice president Greg Pine, involved the $1.405 million sale of 16 units at 63 Washington Place in Teaneck. Both the buyer and seller are long-time Gebroe- Hammer clients. “This property, which was in bankruptcy court, was an all-cash transaction,’’ said Pine. “The new owner plans

to implement a renovation program in order to turn the property around and position it more competitively in this robust rental market.” Accord- ing to Gebroe-Hammer, aver- age rents for a one-bedroom unit in Bergen County start at approximately $1,100. Legal counsel for the Te- aneck trade was provided by Kevin P. Kelly, Esq., of Kelly Kelly Marotta & Lafferty LLC in Maywood, and Donald W. Clarke, Esq., of Wasserman, Jurista & Stolz in Millburn, on behalf of the buyer and seller, respectively. The brokerage team of Ura- nowitz and Debbie Pomerantz, sales associate, also arranged a $644,000, nine-building portfolio note sale totaling 46 units in Paterson. This is the twelfth note sale Gebroe-Ham- mer has sold exclusively for a prominent New York bank during the past 18 months. The properties are located on Jackson Street, Oak Street, Washington Avenue, Broad- way, Godwin Avenue and Sus- sex Street. A private investor acquired the portfolio. ■ PARSIPPANY, NJ — Tran- swestern unveiled details of a significant capital reinvest- ment program at 300 Kim- ball Dr. in Parsippany. The capital improvements were announced during an event hosted by Transwestern on June 14 for the region’s com- mercial real estate industry professionals that featured a catered reception by The Capital Grille, live music, and tours of 300 Kimball’s avail- able office space. “This is really the first time since 300 Kimball was originally constructed that the market has had the op- portunity to experience this building,” said Transwestern Principal James Postell. “The capital reinvestment program we are executing at the prop- erty will significantly enhance the already exceptional office environment afforded by the building, which offers flexible space options with 88,000 square foot floor plates to accommodate the immediate space needs of a wide range of tenants, including those with large block requirements.” ■ Transwestern unveils 300 Kimball’s capital improvements


o f f a busy spring season by o r ches - trating the sale of two d i s t r e s s e d mul t i - f am- ily assets in the heart of Bergen and Passaic counties.

Greg Pine

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“Portfolio and single-prop- erty investors are stepping up their acquisition activ- ity in the wake of record-low vacancy rates and distressed property opportunities that

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