5204 Palisade Ave. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
Two apartment buildings in Hudson County have changed hands for a combined $3.55 million, following investment sales brokered by Marcus & Millichap.
The firm said the buildings include 5204 Palisade Ave., a 17-unit property, in West New York and an eight-unit building at 265 Avenue B in Bayonne. The assets sold for $2.5 million and $1.05 million, respectively.
Fahri Ozturk and Tyler Van Wagoner, investment sales specialists in Marcus & Millichap’s New Jersey office, marketed the properties on behalf of the sellers, two separate private owners, the firm said in a news release. The group also secured and represented the buyers for both transactions.
Ozturk noted that 5204 Palisade Ave., which was 100 percent occupied at the time of the sale, is four blocks from the Bergenline light rail station. The Bayonne property includes apartments and one retail storefront and offers a value-add opportunity in a promising market, he said.
“Both properties were traditional pre-war constructed brick buildings and generated substantial interest from both local and out of market investors right out of the gate,” Ozturk said. “We controlled the marketing process and dictated terms that are typical of New York City.
“Neither transaction had due diligence nor financing contingencies due to substantial interest generated through the competitive environment we created.”