642 Avenue C in Bayonne — Courtesy: Matthews
By Joshua Burd
A local investor has acquired an eight-unit apartment building in Bayonne for more than $1.6 million, in a transaction arranged by Matthews.
The seller, which owned the property for more than 20 years, completed the deal at 642 Avenue C as part of a broader portfolio strategy that included shedding smaller and more management-intensive assets, according to the brokerage team. Matthews First Vice President and Director David Ferber spearheaded the $1.62 million sale, noting that the listing generated eight offers in three weeks and led to a closing in less than 30 days.
The broker added that the transaction came with a record price per unit of $203,000 per door, following a tenure under the seller in which the property value appreciated by nearly $1 million. The winning investor, a repeat buyer expanding a Bayonne multifamily portfolio, plans to renovate and reconfigure select layouts, adding bedrooms to enhance rental performance and drive long-term value.
