LIVINGSTON, NJ-Brokers from locally based Gebroe-Hammer Associates have arranged the separate sales of a mid-rise apartment building in Jersey City and a commercial warehouse in Brooklyn, NY. The combined selling price of the two properties was reported as, "in excess of $3.75 million."
G-H sales rep Benjamin Greenstein and company vice president Greg Pine arranged the sales. The buyers and sellers in both cases were private investors, whose identities were not released.
The Jersey City property is 122 Wade St., a 16-unit, all-brick mid-rise in that city's Greenville section. The attorney representing the seller was Irwin Tubman of Bayonne. Michael Gerber of Brooklyn, NY was the attorney for the buyer. Financing for the deal involved cash over a new first mortgage with Washington Mutual Bank.
The Brooklyn property is a 12,500-sf building at 101-111 Sackett St. in the borough's Red Hook section. The seller was represented by Bernard Shafrin of Frankel, Hershkowitz and Shafrin of New York. Warren Forman, also of New York City, was the attorney for the buyer. The buyer plans to restore the building and convert it into new luxury residential condos. The sale was financed with a new first mortgage from a local bank, with the seller holding a purchase money second mortgage.
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