5414 Park Ave. in West New York — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The longtime owner of a 22-unit apartment building in West New York has sold the property for nearly $4 million, according to a broker with Gebroe-Hammer Associates.
The deal at 5414 Park Ave., a five-story property just west of JFK Boulevard East, marked the first trade of the asset in several decades. Gebroe-Hammer’s David Betesh represented 5414 Park Avenue LLC in the sale to an undisclosed buyer, a longtime client, which he procured as part of the $3.95 million transaction.
“This well-maintained all-brick-construction apartment building is centrally situated within North Hudson’s most renowned residential, commercial, out-commuter and transit corridor, which is why it was both held by the owner for decades and had tremendous investment appeal for the buyer,” said Betesh, a sales representative and North Jersey market specialist with Gebroe-Hammer. He added that the building, which is comprised of 13 one-bedroom and nine two-bedroom layouts, “presents new ownership with a strong repositioning component that can be executed immediately or over the long term.”
Located in one of West New York’s most expensive and in-demand neighborhoods, 5414 Park Avenue Apartments benefits from a nearly 90 percent renter population base in the northern Hudson County community. The building is also minutes from the Bergenline Avenue dining and retail corridor, while residents can board an NJ Transit bus in front of the property and can easily access the Hudson-Bergen Light Rail at the Port Imperial station.
“Though very urban, hence its moniker ‘New York City’s Sixth Borough,’ Hudson County and its municipalities have and continue to offer a globally cosmopolitan lifestyle that successfully retains a unique suburban-like identity and character,” Betesh added. “This is why the region has benefited from an enduring pipeline of renters by choice — a cohort that spans a very diverse cross-section of occupations, socioeconomic backgrounds and lifestyle preferences.”
Betesh also was recently involved in the $2.35 million trade of a 12-unit multifamily building in Hackensack.
