304 Ege Ave. in Jersey City — Courtesy: Cervelli Real Estate and Property Management
By Joshua Burd
A local investor has purchased a five-unit apartment building in Jersey City’s West Side neighborhood, according to a team with Cervelli Real Estate and Property Management.
Brokers with the firm represented an undisclosed seller in the transaction at 304 Ege Ave., noting the client had a strict timeline that significantly narrowed the pool of potential buyers. With the successful sale, the property is now poised to benefit from the West Side’s ongoing transformation and a wave of new investment by developers, Cervelli said, mirroring the recent revitalization of the neighboring Bergen-Lafayette area.
Terms of the deal were not disclosed.
“It was incumbent that we communicate early and often with the bank, buyer and mortgage broker so that all deadlines could be met,” said Gary Baez, a broker with North Bergen-based Cervelli. “If we had let the deal take its normal course, it would not have closed on time. Our proactive coordination ensured everything was aligned for a successful outcome.”
In a news release, the firm said 304 Ege Ave. is a fully gut-renovated building with separately metered units. Its new owner has an immediate opportunity to increase revenue while staying compliant with Jersey City’s rent control regulations, Cervelli said, noting that registered rents are higher than the current collections.
The brokerage team added that the building is less than a half-mile from the Hudson-Bergen Light Rail’s West Side, while pointing to the host of development projects taking place in the area.
“I had a last-minute opportunity to trade into a property I wanted,” the seller said in a prepared statement. “Given the current lending environment, I wasn’t confident it could be pulled off in time, but the Cervelli team worked diligently to make sure all of the benchmarks were met.”
