By Joshua Burd
A private investor has acquired a 13-unit apartment building in Union City for $875,000, in a newly announced deal by Cervelli Real Estate & Property Management.
The brokerage team, which represented both parties in the transaction, said the property at 3509 Hudson Ave. is in a desirable residential location with convenient access to transportation, shopping and employment centers throughout Hudson County and New York City. It changed hands after its prior owner invested significantly in the asset’s infrastructure, including replacement of the boiler, chimney and flue system and the building’s primary staircase.
“Centrally located apartment buildings with strong physical infrastructure continue to attract investor interest throughout Hudson County,” said Christopher Cervelli, broker of record at Cervelli Real Estate & Property Management. “This transaction demonstrates that buyers remain active in the market for well-maintained multifamily assets, even within municipalities that present challenging rent regulations.”
