"These buildings form a core part of this neighborhood," saysJoel Schwartz, EVP of Gebroe-Hammer Associates, Livingston, who hadthe listing exclusive. "There is fierce competition for propertiesof this caliber in the Newark area."

Besides Schwartz as exclusive agent, Gebroe-Hammer EVP DavidOropeza brought buyer Parkwood Realty to the deal. AndGebroe-Hammer SVP David Jarvis was also involved in thetransaction. On the legal side, attorney Harvey Frefeld ofBrooklyn, NY represented the seller, and Richard Kelin ofFeinstein, Raiss, Kelin and Booker of West Orange represented thebuyer.

"The recent surge in Newark's multifamily market is a vital partof the city's resurgence, with strong occupancy levels andincreasing rents in many neighborhoods," says Gebroe-Hammermanaging director Ken Uranowitz. "This property is unusuallystrong, and we have sold it twice in the past eight years becauseof its rapidly appreciating value."