Cicala Law Represents Purchaser of Property in Paterson
January 1, 2001
By: Gebroe-Hammer Associates

This past summer's heat wave didn't apply only to the brutal weather patterns in New Jersey and the surrounding states.  Gebroe-Hammer Associates has been involved in a hot streak of its own since the beginning of this year, as the company has been on a selling tear, breaking its own very impressive sales records.  A case in point are two recent sales in Passaic and Bergen Counties for a combined selling price of more than .5 million.  The properties are located at 397 East 27th Street, Paterson, and 263 Franklin Avenue, Ridgewood. The Paterson sale was structured by a team of sales pros consisting of area sales representative, Jay Lombardo, and G-H Vice President, David Jarvis who also participated in the Ridgewood deal along with Greg Pine, a Gebroe- Hammer Vice President.
The Paterson property is a three story all brick midrise building comprised of 17 two-bedroom apartment units, all of which are occupied.  The well-maintained building is located on a corner lot in a quiet residential neighborhood just off of Broadway in Paterson. Financing for the sale of the property involved cash over a new first mortgage from Washington Mutual Bank.  The attorney representing the seller was Barry Cohen, Esq. of Gelman & Gelman of Elmwood Park.  Representing the purchaser in the transaction was Joseph Cicala, Esq. of the West New York firm of  Lefkowitz, Murphy, Peluso & Cicala, LLC.

Situated in one of Bergen County's most affluent communities, the property at 263 Franklin Avenue, Ridgewood, is an all brick mid-rise elevator building comprised of 34 one-bedroom apartments and ten two bedroom units.  The sale was based on the purchaser completing a 1031 tax exchange utilizing proceeds from a previous transaction into this replacement property. As a result, financing was not required, and the transaction was a true all-cash deal concluded from contract to closing in less than 45 days. The building is 100% occupied. The attorney for the seller, who owned the property for 37 years, was Jonathan S. Margolis, Esq. of the New York law firm of Bryan Cave, LLP.  Thomas Cohn, Esq. of Wolf, Block, Brach, Eichler of Roseland, represented the purchaser in the transaction.

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