WEST NEW YORK, NJ–A 13-unit apartment property here has been sold to a local investor for $915,000, Marcus & Millichap Real Estate Investment Services tells GlobeSt.com. Marcus & Millichap represented the seller and secured the buyer, New Jersey Limited Liability Corp.
The building is comprised of eight one bedroom/one-bath units and five two bedroom/one bath units. “A rise in demand for Hudson County multifamily has made it a highly sought after area among investors,” says Steven Matovski, an associate in Marcus & Millichap’s New Jersey office. Senior associate Maz Radwan also marketed the property. “West New York’s proximity to Manhattan, compressing vacancy rates and increasing rents made this deal attractive to our client,” Matovski says.
A nine-unit building is for sale at $1.1 million and a 23-unit building is asking $2.1 million in West New York, according to LoopNet. Residential websites list other multifamily buildings for sale from $6.6 million for a 55-unit, two-building complex.
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