520-522 Ocean Ave. in Jersey City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A multifamily buyer has added 12 apartments in Jersey City, following a newly completed transaction by Cervelli Real Estate & Property Management.
The firm on Wednesday announced that it brokered the sale of 520-522 Ocean Ave., a mixed-use property that also includes four commercial units. The asset traded for $1.25 million, Cervelli said, although it did not disclose the names of the buyer and seller.
The brokerage firm also noted that the building, which is west of the New Jersey Turnpike extension, was rehabbed in the mid-1990s under a city program that looks to create subsidized housing for local residents.