The sale price for the package was in the vicinity of $18 million, according to Gebroe-Hammer managing director Kenneth Uranowitz, and the transaction was closed in less than three weeks from contract signing. "The seller required a fast closing," according to Uranowitz.
The deal, which was largely orchestrated by G-H senior vice president David Oropeza, included the unnamed purchaser's procuring a new first mortgage plus cash. The seller, Deutsche Bank Alex Brown, Inc. of New York, had earlier foreclosed on the properties and had subsequently opted to sell them as a package. The buyer was described only as "a long-time Gebroe-Hammer client" by company officials.
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