150-152 Broad St. in Newark — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a recently updated, 12-unit apartment building in Newark for more than $1.7 million, in a transaction by brokers with Marcus & Millichap.
Located at 150-152 Broad St., the mix of one-, two- and three-bedroom units is two miles from Newark Penn Station, helping to fuel interest from would-be buyers, the brokers said. An undisclosed investor ultimately paid $1.735 million for the property.
“This was a nice, bite-size deal that offered a quality, stabilized opportunity,” said Jed P. Matricaria, an investment sales specialist in Marcus’ New Jersey office.
Matricaria represented the seller alongside Richard D. Gatto and Fahri Ozturk. In a news release, they noted that the building is also a mile from Newark’s Broad Street Station and provides easy access to Interstate 78, Route 1&9, Route 21 and the Garden State Parkway.
“We fielded multiple offers on the property which allowed us to leverage our team’s process to get this deal across the finish line,” Gatto said.
