X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JERSEY CITY, NJ-In separate transactions, two apartment buildings here and in neighboring Bayonne have been sold for just less than $2.8 million. The sales are part of a recent run by brokers from Gebroe-Hammer Associates, Livingston, NJ, that has seen a half-dozen apartment buildings with 177 units in Hudson County change hands for a total of more than $11.6 million.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.