244 2nd St. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
Two Jersey City apartment buildings with a combined 14 units have changed hands for more than $5.3 million, under a pair of transactions arranged by Marcus & Millichap.
The firm represented separate private investors in the sale of 244 2nd St., an eight-unit walk-up, and a six-unit building at 198 Morgan St. An international fund paid $2.95 million and $2.375 million for the properties, respectively.
Marcus & Millichap investment specialist Jonathan Zamora brokered the deals, noting that both properties are within walking distance of the city’s Grove Street PATH Station.
“Downtown Jersey City is one of the hottest markets in the entire state as it’s now being known as the skyscraper capital of New Jersey,” said Zamora, who is based in the firm’s Saddle Brook office. “We ran our process and each deal closed with very aggressive terms and over asking price on one deal. Very much like New York City, where we are now seeing international funds coming in chasing future capital appreciation and stable returns.”