Gebroe-Hammer

Real Estate Weekly,  August 29, 2007  

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Gebroe-Hammer completed two very distinct transactions in Jersey City, N.J., in which the closing prices on the multi-family properties differed by almost $100,000 per residential unit. The deals involved buildings in separate ends of the city: one at 208 7th Street and the other at 198 Ocean Avenue.

The four-story brick building at 208 7th Street, which sold for $1.15 million, is located in the historic brownstone neighborhood of Hamilton Park. It contains eight one-bedroom apartments, which the buyer intends to renovate and convert into condominiums. The attorney for the seller was Joseph P. Brennan, Jr. of West Orange, N.J., and Robert Del Vecchio of Hawthorne, N.J., represented the buyer. The Ocean Avenue site, a four-story walk-up, contains 16 apartments, which will be renovated as they become vacant. Located in the southern part of the city, near Bayview Cemetery, it sold for $775,000. Attorney for the seller was Barry Wenger of Monsey, N.Y., and the buyer was represented by Bryan Nazor of Hackensack, N.J.

COPYRIGHT 2007 Hagedorn Publication
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