Capital Realty Associates, a Howell-based commercial real estate brokerage, announced Monday it has completed the $1.6 million sale of two multifamily properties in Perth Amboy and Orange.
In the first deal, Ben Cooper, sales associate for Capital Realty, represented Bapaz LLC in the sale of a mixed-use building located at 390 State St. in Perth Amboy. The building has eight residential units comprised of 6,000 square feet and one commercial unit. Cooper also procured the buyer, a private investment firm.
“Perth Amboy is experiencing low multifamily vacancy rates, and a major construction boom, making this location attractive for investors,” Cooper said.
The property is within close access to the Garden State Parkway, and routes 9, 35 and 440.
“Ben’s excellent relationship with the buyer, and deep knowledge of the Perth Amboy marketplace, facilitated the sale of this property which has the potential for additional value for the new owner with the rehab of the existing apartment units,” Benjamin Greenstein, president, Capital Realty Associates, said.
In the second deal, Bernard Itzkowitz, vice president, represented a local real estate investor in the sale of 108 Park St. in Orange, a multifamily property with five residential units and four ground floor retail units. Itzkowitz also procured the buyer, 108 Park Street LLC.
“The investment sales market in urban multifamily markets like Orange, and the surrounding communities of Elizabeth, East Orange and Newark, has been very strong in recent months, and investors are willing to purchase properties they would not have previously considered,” Greenstein said.
The property is within close proximity to the Garden State Parkway and routes 10 and 280.
“The Orange property offers great upside potential for the new buyer and the opportunity to secure a new retail tenant for the vacant unit of ground floor retail space. I am pleased to have met the business goals of both the buyer and seller in this transaction,” Itzkowitz said.