Gebroe-Hammer closes $12m landmark sale.

Gebroe-Hammer Associates negotiated the $12.3 million sale of the four-story Ridgewood Commons apartment building at 10 N. Ridgewood Ave. in South Orange, and the adjacent 15,000-square-foot single-story commercial property at 109 South Orange Ave.

The fully-occupied Ridgewood Commons residential property consists of 64 one- and two-bedroom luxury apartments, accessed via a Grand Lobby and three elevators. Gebroe-Hammer represented the seller and procured the buyer in the transaction.

"Ridgewood Commons is the premier luxury building in the area," noted David Jarvis, vice president of Gebroe-Hammer, who teamed up with managing director Robert Ploshnick in negotiating the deal. "The buyer, who owns other properties in town, is planning renovations that will bring it back to its prime, and will add several upgrades, including a health club."

The seller, a long-time client of Gebroe-Hammer, was represented by Rich Kelin of the law firm of Feinstein, Raiss, Kelin and Booker in West Orange. The buyer's attorney was Josh Mann of Porzio, Bromberg and Newman in Morristown.

"This is the third time the building has changed hands in the past five years," explained Kenneth Uranowitz, managing director of Gebroe-Hammer. "Landmark properties adjacent to New York City rail and bus transportation continue to appreciate and are in extreme demand. There was tremendous investor interest, which resulted in a competitive bidding process."