440 60th St. in West New York — Courtesy: CBRE
By Joshua Burd
Two apartment buildings with a combined 32 units have changed hands in Hudson County, in a set of newly announced transactions by CBRE.
According to a news release, the trades include the $2.925 million sale of a 12-unit property at 440 60th St. in West New York. A private investor purchased the two-story building, which has two floors of commercial units and three floors of two-bedroom apartments, providing a location next to the town’s municipal building and within walking distance of mass transit, retail and recreational amenities.
CBRE’s Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale represented the seller and procured the buyer. They did the same in the second transaction, in Bayonne, where an investor purchased a 20-unit property at 38-40 Kelly Parkway $3.65 million.
“It’s been a privilege to represent the sellers and also to procure the buyers in these transactions,” Ozturk said. “Having worked with all parties multiple times over the years, it’s incredibly rewarding to see these longstanding relationships culminate in such a successful and exciting outcome.”
The team added that the Bayonne property, located in the city’s Constable Hook neighborhood, is a short walk from the Hudson-Bergen Light Rail’s 8th Street station and minutes from a host of national retailers.
“Both of these prewar buildings offer significant rental upside, which was a primary driver behind the buyers’ decision to acquire them,” Trank said. “Given Bayonne’s absence of rent control and West New York offering decontrol upon improvements, I’m enthusiastic about the opportunities these buildings present.”
