Marcus & Millichap said Aug. 25 that it sold a three-building portfolio in West New York for $10,581,001.
Investment Sales Specialists Fahri Ozturk, Richard Gatto and David Ferber from Marcus & Millichap’s New Jersey office had the exclusive listing to market the property on behalf of the seller, a private investor. They also secured the buyer, a private investor.
“This portfolio represented a rare opportunity to acquire a large value add portfolio in West New York. The previous owners did an amazing job on improving the apartment units in each building. The new owners will continue to renovate the buildings further,” said Ozturk. “Due to its close proximity to NYC, West New York has been the focal point of investors locally and regionally” added Gatto.
Located at 226 66th St., the 66-unit apartment property is within a 5-minute walk to a bus with direct access to New York City within 30 minutes. The buildings are also within a few blocks from Bergenline Avenue–according to Marcus & Millichap, the longest commercial avenue in New Jersey, with more than 300 retail stores and restaurants.
The properties are walking distance to shopping, entertainment, dining and transportation, as well as the bus, rail and ferry to Manhattan, Jersey City and Hoboken. Additionally, the properties have easy access to Interstates 495, 95, 78 and Routes 1 & 9 and more.