402 Communipaw Ave. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
An investment group has acquired a 14,325-square-foot mixed-use building in Jersey City for $2.8 million, under a newly announced transaction by Marcus & Millichap.
The property, located at 402 Communipaw Ave., is home to 17 apartments and three commercial units in the city’s Bergen-Lafayette section. The Marcus team noted that the building is surrounded by new development projects, boutiques and restaurants, adding to its appeal for the purchaser.
“This deal faced many hurdles due to COVID-19,” said Daniel Aviles, an investment sales specialist in Marcus & Millichap’s Saddle Brook office. “Through our marketing process and strong relationships with both the seller and buyers, we were able to overcome those obstacles, sign a non-contingent contract and successfully close during this pandemic.”
Aviles represented the seller alongside Andrew Zuckerman and Casey Egan, also from the firm’s New Jersey office. They added that tenants at 402 Communipaw Ave. benefit from access to mass transit, which provides a quick commute to Lower Manhattan.
“Jersey City continues to see strong interest from both local and new-to-market capital,” Aviles said. “Its proximity to New York City and strong rental growth is attractive to investors looking to capitalize on the demand for quality affordable housing.”