549-551 Mercer St. in Jersey City — Courtesy: Capital Realty Associates
By Joshua Burd
An investor has paid $2.25 million for a pair of multifamily buildings in Jersey City, in a transaction arranged by Capital Realty Associates.
The brokerage firm announced Thursday that it represented the seller of the properties, 458-460 and 549-551 Mercer St. An unnamed buyer acquired the buildings, which total 14 residential units and one ground-floor retail space.
Capital Realty’s Solomon M. Halberstam, sales associate and the firm’s Jersey City market expert, completed the assignment and procured the buyer,
“I am pleased to have quickly completed this transaction,” Halberstam said. “The unprecedented rental boom that Jersey City is experiencing has made these properties in the McGinley Square area highly attractive for both landlords and tenants.”
In a news release, Capital Realty touted the properties’ location near the Journal Square PATH Station, offering easy access to Manhattan and Hoboken. The neighborhood is also a part of a business improvement district, which provides funding to the commercial area.
“Jersey City has transformed into a desirable community for renters and investors alike, which enabled our team to quickly bring in the hottest buyers in the market,” said Steven Follman, vice president and sales manager with the firm. “Our client was presented with multiple offers and chose the most desirable, allowing our team to close the deal in a very short timeframe.
“Many owners have held onto their properties for years. With the growth that Jersey City is experiencing, Capital Realty is able to obtain astounding sales prices for our clients.”
