309 56th St. in West New York — Marcus & Millichap
By Joshua Burd
A nine-unit apartment building in West New York has changed hands among private investors, following a $1.2 million sale brokered by Marcus & Millichap.
Jonathan Zamora, an investment specialist in the firm’s New Jersey office, represented both parties in the sale of 309 56th St. He said the brick property received more than 15 offers, citing renovations to most of the units and the proximity to mass transit and retail corridors.
“West New York continues to be a very strong and stable market within Hudson County driven by its strong rental market and demographics,” Zamora said, later adding: “Investors were drawn to the deal because of the substantial value add in making additional capital improvements to the units that were all under market.”