Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROSELLE, NJ-For the second time in less than two years, the four-story, 37-unit apartment complex at 118-120 and 126 W. 2nd Ave. here has a new owner. West Second Realty LLC, a local group that acquired the property in mid-2006, has sold it to West 2nd Avenue Roselle LLC, another local investment group, for more nearly $2.9 million. That sale price works out to just more than $77,000 per unit.

The latest sale was arranged by Nat Gambuzza and Greg Babaian, both senior associates of Marcus & Millichap in the firm’s Elmwood Park, NJ office. The pair had orchestrated the 2006 sale as well, and after improvements said to have increased the building’s rental income, the asset has been resold for what Gambuzza terms, “a premium price.” The sale price in the earlier deal was not disclosed.

In the latest transaction, the buyer assumed the seller’s first mortgage at a 5% interest rate, according to Gambuzza, and paid the remaining balance in cash. “This buyer’s strong financial position helped the seller avoid a prepayment penalty,” he says.

On the legal side, the seller was represented by attorney Kenneth Traum of Hackensack. The buyer was represented by Craig Heller of Aboyoun & Heller of Pine Brook.

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?


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

Get More Information


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.