2406-2408 Palisade Ave. in Weehawken — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A local operator has sold a nine-unit apartment building in Weehawken, in a transaction announced Thursday by Cervelli Real Estate & Property Management.
The property, 2406-2408 Palisade Ave., was the seller’s lone real estate asset at the time of the deal, Cervelli said. But the operator decided to sell and capitalize on the booming demand for multifamily buildings in Hudson County, the firm said, pointing to Weehawken’s access to Manhattan and highly rated school systems.
The buyer acquired the property as part of a 1031 exchange, seeing “the value hidden in this building given its low rents and undeveloped garden-level residential space,” according to a news release. The building also sits atop the Palisades and offers views of the Manhattan skyline.
Terms were not disclosed.
