Two Apartment Complexes Trade for $2M

(Read more on the multifamily market.)

JERSEY CITY, NJ – Two small apartment buildings totaling 24 units have been sold in separate transactions for $1.93 million, or just more than $80,000 per unit. That average is misleading, however, because the properties traded for a differential of nearly $100,000 per unit. Both deals were orchestrated by brokers from Gebroe-Hammer Associates of Livingston, NJ. The buyers and sellers in both deals are local private investors who declined to be identified.

“It’s very unusual to be involved in transactions within the same city, at the same time, that are so different,” says G-H sales associate Benjamin Greenstein. “It requires a thorough understanding of the city’s diverse real estate and the knowledge base of buyers who would make the right fit in each case.”

On the one hand, the four-story, eight-unit brick building at 208 7th St. in this city’s historic brownstone neighborhood of Hamilton Park sold for just less than $1.2 million, or nearly $144,000 per unit. “The buyer intends to renovate it and convert into condominiums,” Greenstein says. The attorney for the seller was Joseph P. Brennan Jr. of West Orange, NJ, while the buyer was represented by Robert Del Vecchio of Hawthorne, NJ.

And 198 Ocean Ave., a 16-unit, four-story walk-up in this city’s southern portion, sold for $775,000, or about $48,000 per unit. The new owner, who intends to renovate the units as they become vacant, was represented by attorney Bryan Nazor of Hackensack, NJ. The seller was represented on the legal side by Barry Wenger of Monsey, NY.