Marcus & Millichap arranges apartment building sales

By Eric Strauss
Hudson County | Mar 15, 2018 at 10:10 am

Two multifamily buildings in Hudson County have been sold for more than $3.5 million combined, according to real estate services firm Marcus & Millichap.

The properties, at 5204 Palisade Ave. in West New York, and 265 Avenue B, Bayonne, total 25 units, the firm said in a news release. The property at 5204 Palisade Ave. includes 16 two-bedroom units and was 100 percent occupied at the time of its $2.5 million sale. The property at 265 Avenue B includes eight one-bedroom apartments and a ground-floor retail storefront. It was sold for $1.05 million.

The Ozturk Group, investment sales specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the properties. The team of Fahri Ozturk, Tyler Van Wagoner and Norberto Ramos represented the sellers, a pair of undisclosed private owners, and secured and represented the undisclosed buyers.

“Both properties were traditional prewar constructed brick buildings and generated substantial interest from both local and out-of-market investors right out of the gate,” Ozturk said in a prepared statement. “We controlled the marketing process and dictated terms that are typical of New York City. Neither transaction had due diligence nor financing contingencies due to substantial interest generated through the competitive environment we created.”

Eric Strauss | estrauss@roi-nj.com | acerimrat