1401 Summit Ave. in Union City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
An investor in Union City has paid nearly $2.9 million for three mixed-use buildings with a combined 25 units, in a deal brokered by Cervelli Real Estate & Property Management.
The real estate services firm identified the properties as 1401, 1403 and 905 Summit Ave. They sold for a combined $2.86 million and sit within one of the city’s main business districts, which Cervelli said has undergone recent infrastructure improvements.
In a news release, the North Bergen-based firm noted that 905 Summit Ave. was “the building with the physical issues (and) had many major infrastructure upgrades that needed to be performed in order to ready the building for sale.” But the unnamed buyer is “an extremely sophisticated investor (who) saw the deal through because of the great upside the deal offered.”