Jacklyn 32, located at 5609 Jefferson St. in West New York — Courtesy: CBRE
By Joshua Burd
An investor has acquired a 32-unit apartment building in West New York for $10.3 million, in one of two recent Hudson County deals arranged by CBRE.
Brokers with the firm represented both parties in the sale of Jaclyn 32, a four-year-old property at 5609 Jefferson St. The buyer, Abigail Holdings LLC, acquired the building as part of a 1031 exchange.
CBRE’s Nat Gambuzza and Manny Sanghera, who brokered the deal, noted that Abigail Holdings was seeking a newer property with minimal maintenance and an opportunity for future appreciation.
“West New York and the surrounding area have some of the lowest vacancy in the northern New Jersey market,” Gambuzza said. “The area will continue to benefit from the 18 million-square-foot Hudson Yards project, a visible sight across the river from West New York. Rents will continue to grow and the area is viewed as a lower cost alternative to living in the city.”
Built in 2014, Jacklyn 32 includes high-end finishes and appliances, along with amenities such as a fitness center and a 32-space parking garage. CBRE also highlighted West New York’s growing base of New York City commuters, who have multiple mass transit options available including rail, bus and ferry service, which it says will help future appreciation in the area.
“With rental demand still highly concentrated in the Hudson County markets, West New York offers a more affordable living situation compared to Hoboken and Jersey City, while still being a waterfront market with enough entertainment,” Sanghera said. “Investors who are looking for an appreciating rental market come to West New York to find value.”
The CBRE team also recently closed a nine-unit multifamily sale at 604 21st St. in Union City, which traded for $1.35 million.