20 63rd St. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has sold a six-unit apartment building in West New York for nearly $1.2 million, brokerage firm Marcus & Millichap announced Monday.
In a news release, the listing team said it represented Silicon Alley Properties LLC in the transaction at 20 63rd St. An undisclosed buyer purchased the mix of one-, two- and three-bedroom homes, which has garage parking and yard access and sits just off John F. Kennedy Boulevard East with views of the Manhattan skyline.
Marcus & Millichap’s Kevin Taub completed the $1.17 million deal.
“This transaction reflects strong investor interest in well-located, value-add assets with long-term upside,” said Taub, first vice president investments in the firm’s New Jersey office. “Hudson County is a core rental market with strong demographics, rent growth and easy access to Manhattan. The property represented the best of both worlds, with half of the units fully gut-renovated and the remaining units offering substantial upside. These factors allowed me to achieve record pricing for properties of comparable size and age.”
