Jersey City Multifamily Buildings Change Hands
Howell, NJ-based brokerage firm Capital Realty Associates, reports it brokered the sale of 458-460 and 549-551 Mercer St. for $2.25 million, which calculated out to a 5% cap rate.
JERSEY CITY, NJ—Two multifamily buildings on Mercer Street here comprising 14 residential units and ground floor retail have changed hands.
Howell, NJ-based brokerage firm Capital Realty Associates, reports it brokered the sale of 458-460 and 549-551 Mercer St. for $2.25 million, which calculated out to a 5% cap rate. Capital Realty’s Solomon M. Halberstam, sales associate, exclusively marketed these properties on behalf of the seller and procured the buyer in the transaction.
“I am pleased to have completed this transaction quickly,” says Halberstam. “The unprecedented rental boom that Jersey City is experiencing has made these properties in the McGinley Square area highly attractive for both landlords and tenants.”
Located in between Journal Square and Historic Downtown, the Mercer Street properties are nearby the Journal Square Path Station that offers access to Manhattan and Hoboken.
“Jersey City has transformed into a desirable community for renters and investors alike, which enabled our team to quickly bring in the hottest buyers in the market,” adds Steven Follman, Capital Realty’s VP and sales manager. “Our client was presented with multiple offers and chose the most desirable, allowing our team to close the deal in a very short timeframe.”