953-961 Garfield Ave. in Jersey City — Courtesy: Matthews Real Estate Investment Services
By Brett Johnson
A multifamily property in Jersey City that was converted from a vacant warehouse has sold for $12.65 million, brokers with Matthews Real Estate Investment Services announced Tuesday.
The undisclosed buyer of the 35-unit asset, located at 953-961 Garfield Ave., plans to renovate the building’s lofts to “make it a high-end, one-of-a-kind rental property that can’t be found anywhere else in the city,” the brokerage team said in a news release, noting that the firm recently completed a similar development nearby. The seller, also undisclosed, wanted to continue building its portfolio of out-of-state investments.
Matthews Vice President and Director David Ferber and Senior Associate Jordan Anhalt represented both parties in the deal.
“The sale will mark one of the highest-priced sales on a price per unit in Jersey City this year at $361,428 per unit for a property that was renovated over 10 years ago,” Ferber said. “The strong relationships with both the buyer and seller led to a near-asking close and a quick execution, closing in under 30 days.”
The Nashville-based brokerage firm, which this fall entered the New Jersey market when it hired two brokers in the region, mentioned in its news release that it secured several competitive buyers in the first week. The closing price ended up at 97 percent of the asking price.
“Jersey City has seen tremendous growth over the last several years, with rents growing over 10 percent on average from 2019 (to) 2024,” Ferber said. “There has been incredible demand from both renters and investors, population growth and development throughout every neighborhood.”
Brett Johnson is a freelance writer.
