A nine-building multifamily portfolio in northern New Jersey was sold for just over $6.8 million by Woodbridge-based Kislak Co., which marketed the properties on an exclusive basis with Vice President Tom Scatuorchio handling the assignment.
The portfolio, which included numerous distressed properties, is located throughout Hudson, Union and Middlesex counties and some included a mixed-use component.
Scatuorchio co-listed the Bayonne properties with Vice President Davis Briones; together, they represented the purchasers of the Bayonne properties. Scatuorchio also represented the purchasers of the other properties.
The sales occurred between August 2021 and January 2022 and include the:
- $1.175 million sale of 1086, 1088 and 1090 Ave. C in Bayonne, with six residential units and three commercial spaces;
- $950,000 sale of 1055 Ave. C in Bayonne, with six residential units and two commercial spaces;
- $757,500 sale of 90 W. 20th St. in Bayonne, with five residential units;
- $600,000 sale of 48 W. 54th St. in Bayonne, with four residential units;
- $600,000 sale of 418 Ave. C in Bayonne, with three residential units and one commercial space;
- $1.045 million sale of 1041 Louisa St. in Elizabeth, with four residential units and four commercial spaces;
- $800,000 sale of 217-219 Hillside St. in Hillside, with eight residential units;
- $400,000 sale of 476 Bloy St. in Hillside, with one residential unit and one commercial space; and the
- $499,000 sale of 499 Amboy Ave. in Perth Amboy, with three residential units and one commercial space.
“It has been exciting to represent our valued clients on this project. The sellers purchased the properties as part of a larger bank-owned portfolio just over a year ago,” Scatuorchio said in a prepared statement.
“The Bayonne real estate market continues to strengthen as investors search for value-add properties and development projects,” Briones added. “The Bayonne market is among New Jersey’s most dynamic, with Class A, B and C occupancy rates near 100% and rents more than doubling over the past six years.”