A 13-unit multifamily building in Jersey City had traded for $2.55 million, according to a Monday announcement from the Woodbridge-based Kislak Co.
Kislak marketed the property on an exclusive basis, with Senior Vice President Don Baxter and Vice President Michael Salomon representing the seller; they also procured the purchaser. The parties were not disclosed.
“Hudson County multifamily properties remain a safe and reliable investment. This sale shows the continued strength of the Jersey City apartment market even in a more challenging real estate market,” Baxter said.
Located at 272 Hoboken Ave., the asset was constructed in 1880. The five-story, brick, walk-up building is situated on a 5,663-square-foot lot and consists of 13 residential units with individual gas heating. The building sits on a premium, elevated location with views overlooking the Holland Tunnel area and views of New York City. It is conveniently located near Journal Square, Hamilton Park and the Village Historic Downtown district and very near to the intersection of Interstate 78 and Route 139.
“The purchasers plan to undertake a full renovation of the building and capitalize on the building’s location,” Salomon added.