3405 John F. Kennedy Blvd. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
The longtime owners of a 21-unit apartment building in Jersey City have sold the property for $4.1 million, in a newly announced deal by Marcus & Millichap.
According to a news release, the transaction at 3405 John F. Kennedy Blvd. marked the first sale of the asset in more than three decades. Marcus & Millichap’s Jonathan Zamora represented the seller, a legacy family ownership, in the deal with a local private investor.
“The transaction represented a complex, value-add multifamily opportunity that required careful execution amid a challenging capital markets environment,” said Zamora, a senior director for investments in the firm’s New Jersey office. “Despite these conditions, the property attracted strong interest due to its ability to deliver vacant units, identifiable rental upside and long-term repositioning potential. Investor demand was further supported by continued redevelopment activity throughout the Heights neighborhood and the broader Journal Square corridor.”
The broker noted that the building has 17 one-bedroom/one-bath units and four two-bedroom/one-bath units.
“After the property was previously marketed by other brokerages without a sale, we were able to generate strong investor interest and close the transaction,” Zamora added.
