226 66th St. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
A three-building, 66-unit apartment portfolio in West New York has changed hands for nearly $10.6 million, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm say the properties are within a five-minute walk of bus service to New York City, contributing to the interest among prospective buyers. A private investor ultimately purchased the portfolio, which the team called “a rare opportunity” as a value-add investment in the town, for roughly $10.58 million.
“The previous owners did an amazing job on improving the apartment units in each building,” said Fahri Ozturk, an investment specialist with Marcus & Millichap. “The new owners will continue to renovate the buildings further.”
Ozturk represented the seller alongside Richard D. Gatto and David Ferber. For his part, Gatto noted that West New York, due to its proximity to Manhattan, “has been the focal point of investors locally and regionally.”
All three buildings are blocks from Bergenline Avenue, the bustling commercial corridor with some 300 retailers and restaurants. They also provide residents with easy access to Route 495, Interstate 95 and other area highways.
