A three-building multifamily portfolio in Hudson County recently sold for a total of $11.1 million, according to a Thursday announcement from the Kislak Co.
The sales included the following:
- 1300-1306 Palisade Ave., Union City, with 44 units for $6.15 million;
- 6112-6114 Palisade Ave., West New York, with 16 units for $3.85 million; and
- 128 St. Pauls Ave., Jersey City, with six units for $1.1 million.
Kislak marketed the properties on an exclusive basis, with Senior Vice President Don Baxter handling the assignment on behalf of the sellers per a referral from Danny Handweiler, a senior managing director with Raven Property Advisors in New York City.
Baxter also procured the purchasers — one for the Union City and West New York properties and another for the Jersey City property. None of the parties were disclosed.
“Despite rising interest rates, demand for multifamily properties in Hudson County remains very strong, especially for properties with upside potential. The Jersey City building is prime for renovation and rental growth. The Union City and West New York buildings are on a main thoroughfare in Hudson County, and the Union City building was particularly attractive given its 40-plus unit size. The West New York building was built in 2010 and also includes below-market rents,” Baxter said.
All of the buildings are in thriving locations with strong rental demand close to mass transit.
The Union City building includes 44 units — three one-bedrooms and 41 two-bedrooms. The West New York building includes 16 units — one studio, nine one-bedrooms and six two-bedrooms. The Jersey City building includes six one-bedroom units.
Baxter added: “As with all of our recent sales, financing was key. Today’s market requires a collaborative team effort. The mortgage broker, Elliot Treitel of Meridian Capital, our mutual clients, the purchasers, the attorneys and the referral broker, Danny Handweiler, worked tirelessly to close these sales.”