In the latest sale, the 21-unit four-story building at 969 Summit Ave. of this city's Heights section was sold for around $1.3 million, or about $63,000 per unit. The seller was a local group, the buyer an individual private investor, "drawn by the building's location near public transportation and the Holland Tunnel, which is only five minutes away," says G-H sales associate Benjamin Greenstein.
The Bayonne sale involved the 25-unit building at 928-930 Ave. C, which traded for under $1.5 million, or about $58,000 per unit. The buyer and seller were private investors, who were not identified. The dual transactions followed separate recent deals previously negotiated by G-H brokers involving four apartment buildings with 131 units for a total of $8.8 million in Union City.
"Hudson County is an especially vibrant market right now," says G-H managing director Ken Uranowitz. "Today's investors are seeking properties with steady and high occupancy levels, which are related to the area's proximity to New York City mass transit and lower rental rates compared to Manhattan," Uranowitz says. "In addition, mid- to high-rise developments, which once focused on the waterfront, are now spreading to the central parts of cities like Jersey City and Union City."
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