(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
BAYONNE, N.J.–The 52-unit Park Tower Apartments, a 1940’s family-owned building overlooking Bayonne Park, has been sold for $5.1 million, or just under $100,000 per unit. Capital Realty orchestrated the deal.
The real estate company exclusively listed the five-story elevator building at 43rd St and Kennedy Blvd.
Park Tower Apartments was 98% occupied at the time of sale, according to Benjamin Greenstein, president of Capital Realty. “The property was carefully maintained and in immaculate condition at the time of the sale,” noted Greenstein, “all of which contributed to the remarkable sale price.
Greenstein said this is the first time the building has traded since construction; the sellers were the son and grandson of the original builder.
Market analysts and brokers in New Jersey have described a trend of long-time owners of multi-family buildings putting their properties on the market this year when multi-family buildings have become a preferred investment type.
Apartments at the Bayonne building range in size from studios to two-bedrooms. Rental rates range from $800-$1400 monthly.
The building has 10 garages for residential rental and on-site laundry facilities.
Park Tower’s location at 119-129 West 43rd St. borders Kennedy Boulevard, a major thoroughfare that runs along the west side of the city. The area provides easy access to Manhattan via the New Jersey Turnpike to the Holland Tunnel, and by bus to Midtown and downtown Manhattan.
“The building’s proximity to New York City and Jersey City, combined with abundant nearby shopping and entertainment, make it well placed for commuters as well as families,” said Greenstein.
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