Multifamily Assets Get Sold in Slow Market

BAYONNE, NJ-A 12-unit apartment complex here and a multifamily building with eight residences in East Orange have recently traded. Those deals prove that even in another otherwise barren acquisition market, smaller multi-residence properties can still get sold.

In the local deal, Astafa Bros. Management of Manalapan picked up a 13,300-square-foot, four-story building at 514-516 Kennedy Blvd. for an undisclosed price. Aaron Mittleman, senior vice president of Weichert Commercial Brokerage Inc., worked on behalf of the unnamed seller. The buyer was repped by Brian DeCicco of RE/MAX.

In an all-cash transaction, 96 Eaton Pl. in East Orange was sold for $225,000 to a Brooklyn-based investor. The building is currently vacant and requires a complete renovation, according to Massey Knakal’s Special Asset Strategy Group, which brokered the sale of the 12,000-square-foot property.

“We were able to procure several offers immediately and had an accepted offer in less than 10 days,” says Massey Knakal first vice president of sales, Geoffrey Bailey, in a statement. “Due to favorable terms, the transaction closed 35 days after the listing date.”