492 Broadway in Bayonne — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a 6,900-square-foot mixed-use building in Bayonne, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented both parties in the sale of 492 Broadway, a recently renovated masonry building just south of East 23rd Street. The buyer, also a private investor, paid $2.05 million for the retail and multifamily property.
“Previous owner repositioned an exceptional asset in a terrific location along Broadway,” said Fahri Ozturk, who brokered the deal alongside Richard D. Gatto. “Though a smaller property, the finishes are comparable to those of much larger new Class A projects.”
Marcus & Millichap’s Joseph Belgiovine provided financing for the building, which has a new roof, plumbing system, electrical work, HVAC and other features. The property is also one block from a Hudson-Bergen Light Rail station.
“Newly gut-renovated with excellent finishes, the buyer should do very well with the property and can grow revenue as the area continues to flourish” Gatto said.
