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GEBROE-HAMMER COMPLETES $2.35 MILLION SALE OF APARTMENT BUILDING

MONTCLAIR, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has completed the sale of 31 The Crescent, a three-story, walk-up apartment building located in Montclair, for $2.35 million. The property is composed of 14 two-bedroom units containing more than 1,100 square feet of living space each, as well as a screened-in porch. The community was fully occupied at the time of closing. The buyer was 507 Grand Street Associates LP, which completed the acquisition through a 1031 exchange. Ken Uranowitz and David Jarvis of Gebroe-Hammer represented the seller Shelane Montclair LLC. Uranowitz also represented the previous owner of 31 The Crescent when it was sold to Shelane Montclair LLC in 1995.

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