73-81 North 7th St. in Newark — Courtesy: Berkadia
By Joshua Burd
An investor has purchased a 33-unit apartment building in Newark for $4.3 million, in one of several recent deals by Berkadia’s New Jersey team.
Brokers with the firm represented both parties in the transaction at 73-81 North 7th St., where a seller listed as 73-81 North 7th Street LLC achieved a per-unit price of $130,303. The buyer, 73 North 7 LLC, was among several bidders for the property just south of Interstate 280.
Berkadia’s Nat Gambuzza and Tim Blashford brokered the trade, having also recently completed the sale of a 12-unit property in the city, at 531-533 North 11th St. In that deal, Irvington Portfolio III LLC paid $1.427 million to acquire the building from COR Acquisition LLC.
The transactions follow a recent trade in South Orange that Gambuzza and Blashford co-brokered with Sheldon Gross Realty. The buyer, 123 Milligan LLC, paid $4.1 million for the 21-unit property at 123 Milligan Place, Berkadia said, noting that the offering drew multiple bids above the asking price.
Sheldon Gross, Berkadia close $4 million sale of 21-unit South Orange rental building
