5204 Palisade Ave. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
Two apartment buildings in Hudson County have changed hands for a combined $3.55 million, following investment sales brokered by Marcus & Millichap.
The larger of the two is a 16-unit property at 5204 Palisade Ave. in West New York, which sold for $2.5 million, the brokerage said. The other is a building with eight apartments and one retail storefront, which is located at 265 Avenue B in Bayonne and sold for $1.05 million.
Marcus & Millichap investment sales specialists Fahri Ozturk, Tyler Van Wagoner and Norberto Ramos marketed the properties on behalf of the sellers, two separate private owners. The group also secured and represented the buyers for both transactions.
“Both properties were traditional pre-war constructed brick buildings and generated substantial interest from both local and out-of-market investors right out of the gate,” Ozturk said in a prepared statement. “We controlled the marketing process and dictated terms that are typical of New York City. Neither transaction had due diligence nor financing contingencies due to substantial interest generated through the competitive environment we created.”
The West New York building consists of all two-bedroom units and was 100 percent occupied at the time of the sale, Marcus & Millichap said. The building is only four blocks from a Hudson-Bergen Light Rail station.
The Bayonne building includes all one-bedroom apartments, with Ozturk touting it as “an excellent value-add opportunity in one of Hudson County’s promising markets.”
