536-538 29th St. in Union City — Courtesy: Marcus & Millichap
By Joshua Burd
The developer of a recently built, 12-unit apartment building in Union City has sold the property for more than $3 million, according to brokers with Marcus & Millichap.
The firm announced the sale on Tuesday after marketing the property, 536-538 29th St., on behalf of the builder. A pair of private investors paid $3.025 million for the building.
Marcus & Millichap Senior Investment Specialist Jonathan Zamora completed the assignment, which also included procuring the buyers. He touted the per-unit price of $252,000 as the highest in Union City to date.
“We had a rare opportunity to market a new construction multifamily asset in Hudson County which generated a tremendous amount of interest and created a highly competitive bidding environment in a short period of time,” Zamora said. “Buyers capitalized on the upside in the well under-market rents, desirable location next to (Route 495), which allows direct access to the Lincoln Tunnel, and appreciation of Hudson County.”
The building, completed in 2015, features an elevator and covered garage parking, Marcus said. Each unit comes with a washer and dryer, parking space and hardwood floors.
