272 Hoboken Ave. in Jersey City — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has acquired a 13-unit apartment building in Jersey City for nearly $2.6 million, according to brokers with The Kislak Co. Inc.
In a news release, the firm said it represented the seller and procured the buyer in the transaction at 272 Hoboken Ave., a five-story brick building constructed in 1880. The team of Don Baxter and Michael Salomon, who completed the $2.55 million deal, also cited its location near Journal Square, Hamilton Park and the Village Historic Downtown district and its proximity to the intersection of Interstate 78 and Route 139.
The parties were not disclosed.
“Hudson County multifamily properties remain a safe and reliable investment,” said Baxter, a senior vice president with the firm. “This sale shows the continued strength of the Jersey City apartment market even in a more challenging real estate market.”
Kislak added that the walk-up building sits on an elevated location with views overlooking the Holland Tunnel area with views of New York City.
“The purchasers plan to undertake a full renovation of the building and capitalize on the building’s location,” said Salomon, a vice president. “It has direct views of Manhattan and is located 30 seconds from the Holland Tunnel. Residents can enjoy a great scenic bike and walking path that begins at the building.”
