Mid Atlantic Real Estate Journal — January 5 - February 7, 013 — 3A
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M id A tlAntic R eAl e stAte J ouRnAl S Uranowitz & Follman represent seller in $10.55m sale Gebroe-Hammer arranges $19.5 million in sales P R I N G L A K E HEIGHTS, NJ — Jer- sey Shore multi-family
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properties and their intrinsic value continue to attract in- vestors to Monmouth County where Gebroe-Hammer As- sociates arranged the $10.55 million sale of Heights Manor in Spring Lake Heights. The brokerage team of president Ken Uranowitz and VP Ste- ven Follman represented the seller and identified the buyer for the 79-unit garden-apart- ment complex located at 1911 Greve Ave. “Monmouth County offers ideal demographics and has emerged as one of the most desirable places in New Jersey to live and work,” said Follman, area market specialist. “Here, and statewide, many long-term owners are now coming to mar- ket, as they realize the window is closing on favorable capital gains treatment, and investors are taking advantage of sub four percent interest rates to finance their acquisitions.” Legal counsel was provided by Joseph Basralian, Esq. of Winne, Banta, Hethering- ton, Basralian, & Kahn, PC on behalf of the seller, and Al- len Popowitz, Esq. of Brach Eichler LLC for the buyer. In a separate transaction, Follman recently recorded As- bury Parks’ latest apartment- building trades involving the $6.9 million sale of Kingsley Arms and the $1.775 million sale of 23 units at 510-512 Fifth Ave., in the heart of this community. “Asbury Park is just one of several Monmouth County mu- nicipalities that has undergone significant redevelopment, resulting in high demand for multi-family investments and apartment-rental units,” said Follman. In Asbury Park, he also recently orchestrated two REO transactions in which he represented a prominent multi- billion dollar global private-eq- uity fund. According to Follman, the 98- unit KingsleyArms transaction is testimony to the reemerging strength of the city’s apartment market. “This building had been unsuccessfully marketed for years by other brokerage firms, but once Gebroe-Ham- mer was awarded the exclusive, we were able to generate a great deal of investor interest and procure the right buyer,” he said. “A substantial renovation effort is planned by the private
M. MILLER & SON Public Adjusters Since 1960
Heights Manor
Kingsley Arms
buyer to make the building more competitive.” Located at 200 Deal Lake Dr., just one block from the beach and famed Convention Center. The property is positioned within Asbury Park’s rede- velopment zone and consists
of 23 studio, 68 one-bedroom and five two-bedroom units, as well as two combined double penthouses. The two-building, 23-unit Fifth Ave. complex includes six studio, 15 one-bedroom and two two-bedroom units. ■
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
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