45 Broadway in Bayonne — Courtesy: Cervelli Real Estate and Property Management
By Joshua Burd
A partnership has acquired a two-building, 38-unit apartment portfolio in Bayonne, in a deal arranged by Cervelli Real Estate and Property Management.
According to a news release, the undisclosed buyer paid $6.5 million for the properties at 45 Broadway and 63 West 39th St. Brokers noted that the portfolio garnered more than 15 offers over the course of several weeks, touting its appeal in an uncertain market.
Cervelli Real Estate’s Chris Cervelli and Gary Baez arranged the deal, while also negotiating what it described as competitive financing.
“The buyer, a local developer, immediately realized the potential in a municipality with vacancy decontrol but was met with heavy competition from several other buyers,” Cervelli wrote in its announcement. “The assets, with a mix of one- and two-bedroom apartments where most tenants had been there for over 10 years, offered huge upside on turnover.”
