By Joshua Burd
A local investor has purchased a 15-unit apartment property in Jersey City for $5.7 million, in one of several recent transactions by IPRG’s New Jersey team.
According to a news release, the 11-year-old asset at 76 Palisade Ave. comprises two buildings with duplex units and 11 parking spaces. IPRG’s Yanni Marmarou and Jack Drillock brokered a sale that garnered “significant investor interest and multiple strong offers, ultimately resulting in the most competitive bid from a local Jersey City investor.”
That was due in part to its views of Jersey City and Manhattan and prime positioning in one of The Heights’ most desirable areas, the listing team said.
The brokers also arranged the $3.8 million sale of a 10,000-square-foot retail and office property at 2840 Kennedy Blvd. in the city’s Journal Square district. They represented the Srour family, which owned and operated a retail business for more than 25 years, noting that the building is a block from the Journal Square PATH Station and in the Journal Square 2060 Redevelopment Zone, adding that IPRG and the buyer worked through multiple hurdles that arose during the contract period to successfully close the deal.
In Carlstadt, Marmarou and Nick Rogers represented a Tennessee-based private lender in a distressed foreclosure sale at 326 Hackensack St. The mixed-use property, which has three residential units above a large office space and Manhattan views, traded for $1.255 million in an all-cash transaction.
In a fourth deal, Marmarou and Rogers arranged the sale of the landmark Bendix Diner at 464 Route 17 in Hasbrouck Heights. Health violations forced the closure of the business in early 2025 after 77 years in business, but a new operator paid $1.225 million in cash for the property and is set to revive the establishment.
