LIVINGSTON, NJ-Brokers from Gebroe-Hammer Associates, based here, have arranged three separate sales transactions in Monmouth and Middlesex counties with a total value of just over $12.5 million. Most of that involves the sale of a three-building, 97-unit package of apartments in Asbury Park.

In that transaction, the properties are all located near Asbury Park’s redevelopment area. 310 Deal Lake Dr., 444 Deal Lake Dr. and 308 8th Ave. were sold as a package for $10.2 million, or more than $104,000 per unit. Neither the buyer nor the seller was identified. G-H vice president David Jarvis, SVP David Oropeza and area sales rep Steven Follman put the deal together.

“The owner of the properties had no intention of selling them, until we presented an aggressive purchaser, who was interested in buying the properties on an added-value basis,” according to Jarvis. “Financing for the deal was based on a condominium conversion with a 12- to 14-month time period.”

In the second transaction, Follman and G-H vice president Alan Lieberman sold the two-story, 14-unit Seascape Apartments in Belmar. The buyer and seller were similarly not identified. The buyer got a new first mortgage with release clauses that can be initiated if the complex converts to condos, according to Lieberman.

The Middlesex County transaction came in the town of Middlesex, where Lieberman sold the 5,100-sf office building at 510 Union Ave. The buyer and seller were again not identified. Financing involved cash over a new first mortgage provided by Independence Community Bank of Newark. The building itself it 100% occupied by multiple tenants.

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