The transaction was arranged for the seller by Alan Lieberman, vice president of Gebroe-Hammer Associates, the Livingston, NJ-based investment real estate sales firm. Neither the buyer nor the seller was identified. Lieberman also assisted the buyer in getting a new first mortgage from Progress Bank.
"Asbury Park, like many of its sister cities in New Jersey, is on the way back," says Mel Gebroe, co-founder and principal of Gebroe-Hammer. "This transaction represents a heightened element of confidence in the city's real estate investment potential." Located two blocks from the Atlantic Ocean, the asset is currently 100% leased.
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