5-7 Kelly Parkway in Bayonne — Courtesy: ICON Real Estate Advisors
By Joshua Burd
The longtime owners of a 25-unit apartment building in Bayonne have sold the property for $4.1 million, in a deal arranged by ICON Real Estate Advisors.
According to a news release, the firm’s David Betesh represented the Brancatella family and the buyer in the off-market trade at 5-7 Kelly Parkway. That marked the first sale of the property in more than 50 years.
It’s also the second multifamily transaction Betesh has completed on the street, following the sale of a 36-unit building at 41-43 Kelly Parkway in December 2024.
“The property generated strong investor interest because it combined stable income with the potential to increase residential rents by at least 30 percent over time,” said Betesh, director of multifamily at ICON Real Estate Advisors. “Representing both the buyer and seller allowed us to efficiently guide the transaction to a successful outcome.”
