From left: 533 67th St. and 5700 Palisade Ave. in West New York — Courtesy: Matthews
By Joshua Burd
A family ownership group has sold a two-building, 32-unit apartment portfolio in West New York for $4.35 million, in a newly announced deal by Matthews.
According to the brokerage team, the properties at 5700 Palisade Ave. and 533 67th St. generated eight offers and sold within 75 days of listing and 40 days of contract signing. The seller, a multigenerational group with longstanding ties to the market, opted to divest the portfolio to complete a Section 1031 like-kind exchange into a newly constructed 42-unit building in Jersey City.
Matthews First Vice President and Director David Ferber led the team representing the seller and procured the buyer, which he described as a well-established local operator with strong lender relationships, who plans to renovate units and increase rents by up to 70 percent.
“This sale required tight coordination and a buyer capable of performing quickly,” Ferber said. “We’re proud to have delivered the strongest price, the right buyer and a seamless transition into the seller’s Jersey City acquisition.”
