61-63 Ocean Ave. in Jersey City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A private investor has purchased a five-unit apartment building with ground-floor retail space in Jersey City, in a deal arranged by Cervelli Real Estate & Property Management.
According to the brokerage team, the property at 61-63 Ocean Ave. also has an on-site parking lot with potential drive-through access. The building requires significant rehabilitation, Cervelli added, but the buyer recognized its long-term potential and strategic location within a corridor experiencing steady reinvestment and revitalization.
“This property had great bones and a clear path toward repositioning,” said Chris Cervelli, broker of record at North Bergen-based Cervelli Real Estate. “Even with major capital needs, the buyer understood the long-term value and future appreciation potential.”
Cervelli and Gary Baez, a sales associate with the firm, co-brokered the transaction. Terms were not disclosed.
