61 Concord St. in Jersey City — Courtesy: ICON Real Estate Advisors
By Joshua Burd
An apartment building in Jersey City Heights has changed hands for the first time in more than 35 years, fetching nearly $1.8 million in a deal arranged by ICON Real Estate Advisors.
According to a news release, Ginnita Corp sold the 16-unit property at 61 Concord St. as part of an estate disposition. That served as a value-add opportunity for a buyer listed as 61 Concord Holdings LLC, the brokerage team said, noting that the property has in-place rents well below current market levels.
ICON’s David Betesh represented the buyer in the $1.775 million deal. He added that the three-story building consists of four studios, eight one-bedroom units and four duplex one-bedroom homes.
“This transaction presented an opportunity to acquire a well-located multifamily property under the same ownership for more than three decades at an attractive price on a per-unit basis,” Betesh said. “The buyer saw significant long-term potential in the asset.”
