240 Jewett Ave. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
A local developer has sold a seven-unit apartment building in Jersey City for more than $1.1 million, in a newly announced deal by Marcus & Millichap.
According to the brokerage team, which represented the undisclosed seller, the property at 240 Jewett Ave. includes a mix of one- and three-bedroom homes and benefits from its proximity to the Journal PATH station, which is about a mile away. A private investor purchased the three-story building for $1.135 million.
“This deal speaks to the continuing trend of Jersey City attracting capital from NYC chasing less restrictive rent control laws,” Marcus & Millichap’s Jonathan Zamora said. “Our team was able to secure the seller with attractive pricing at a 4 percent cap rate and strong terms by uncovering the true upside in the deal allowing us to create a strong buy side environment closing all cash with a hard deposit at contract signing.”
Zamora and Eve Parker, investment specialists in the firm’s New Jersey office, listed the property and procured the buyer.
