25 Van Reipen Ave. in Jersey City — Courtesy: CBRE
By Joshua Burd
The longtime owners of a 31-unit apartment building in Jersey City have sold the property for $4.4 million, in a newly announced transaction by CBRE.
In a news release Tuesday, CBRE said it represented 25 Van Reipen Inc. in its sale of 25 Van Reipen Ave., which sits adjacent to the city’s Journal Square transit hub. A buyer listed as 29 Van Reipen LLC paid what the brokers described as near record pricing from a cap rate perspective, showing the continued strength of Jersey City’s multifamily market even amid a pandemic.
CBRE’s Charles Berger, Elli Klapper and Mark Silverman completed the deal.
“This is the second Jersey City site CBRE has sold to this buyer, who also owns several adjacent properties and may be looking to amass them into a development assemblage,” Berger said. “There is currently significant development in the area immediately surrounding the Journal Square PATH station and more is expected, as this is one of the premier areas in Jersey City for multifamily properties.
“Alternatively, the existing rents at the property are extremely low for the area, allowing for tremendous upside if the new owner decides to keep this as an investment property with some capital improvements in the near term.”
