5817 Jefferson Ave. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
A private owner has reaped $14 million from the sale of a 40-unit multifamily building in Hudson County, brokers with Marcus & Millichap announced Wednesday.
In a news release, the firm said it represented the seller of the property at 5817 Jefferson Ave. in West New York. A private investor purchased the building, also known as Jaclyn40, which is within walking distance of mass transit and five miles from Manhattan.
“Jaclyn40 represented a rare opportunity to purchase an extremely well-built multifamily asset producing strong cash flows along the Gold Coast in Hudson County,” said Fahri Ozturk of Marcus & Millichap, who brokered the sale alongside Richard D. Gatto and Joseph Belgiovine.
The brokerage team noted that the property is within walking distance of a Hudson-Bergen Light Rail station at Bergenline and Tonnelle avenues, offering a 35-minute commute into Manhattan. It is also close to shopping, entertainment, dining and other modes of transportation, including highway access via Interstate 495, the New Jersey Turnpike and Routes 1 and 9.
“Jaclyn40 checks a lot of boxes for today’s tenant: new construction, short commute to NYC, skyline views and a community vibe with amenities such as fitness center, tenant lounge, storage lockers, covered parking and washer and dryer in every unit,” Gatto said. “It’s a great place to live.”