By Joshua Burd
The longtime owner of a 40-unit apartment building in Jersey City has sold the property, in a transaction arranged by Palisade Partners.
According to the Hackensack-based brokerage firm, the undisclosed seller had owned the building at 59 Garrison Ave. for more than 50 years. The buyer, which was not named, now plans to begin a major renovation of both individual units and common areas as it capitalizes on the asset’s below-market rents and several vacant units.
Terms were not disclosed.
Palisade Partners Managing Member Elliot Schechter represented both parties, noting that dispositions by long-term owners offer an unusually high value-add component. He added that the property, which is just off Sip Avenue and about a half-mile from the Journal Square PATH station, garnered significant buyer interest due to its convenient commuting options and central location.
