31 66th St. in West New York — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A regional private investor has acquired a 20-unit apartment building in West New York for $3.34 million, in a deal arranged by Cervelli Real Estate & Property Management.
The brokerage firm represented both parties in the trade at 31 66th St., which marked the third time that it arranged the sale of the property over the past 15 years, according to a news release. It noted that the building, located just off Boulevard East and within minutes of mass transit, is a well-maintained brick structure with one- and two-bedroom apartments that have experienced consistent rental demand across market cycles.
Cervelli Sales Agent Chris Gerena from the firm’s North Bergen office was primarily responsible for identifying the buyer, which plans to hold the property long-term while continuing improvements to unit interiors and common areas.
“This building has always performed well due to its strong tenant base and walkable location,” said Chris Cervelli, broker of record at Cervelli Real Estate. “Helping investors build long-term value — whether they’re buying or selling — is exactly why we do what we do.”
