CBRE announced Sept. 25 the sale of two residential properties in Hudson County: 440 60th St., a mixed-use, two-story property in West New York for $2.925 million and 38-40 Kelly Parkway, a 20-unit, four-story residential building in Bayonne for $3.65 million.
The CBRE team of Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale worked on both properties and represented the sellers in the negotiations. CBRE also procured the buyers. The sellers and buyers were not identified.
“It’s been a privilege to represent the sellers and also to procure the buyers in these transactions. Having worked with all parties multiple times over the years, it’s incredibly rewarding to see these long-standing relationships culminate in such a successful and exciting outcome,” said Ozturk.
Located on a double-wide, tree-lined street next door to City Hall and the West New York Police Headquarters, 440 60th St. is a pre-war building that has been transformed into two floors of commercial units and three floors of residential apartments featuring 12 two-bedroom homes. The property is on the Hudson River waterfront and offers immediate connectivity to Manhattan, as well as a retail and recreational amenities.
“Both of these pre-war buildings offer significant rental upside, which was a primary driver behind the buyers’ decision to acquire them,” said Trank. “Given Bayonne’s absence of rent control and West New York offering decontrol upon improvements, I’m enthusiastic about the opportunities these buildings present.”
Located in the Constable Hook neighborhood of Bayonne, 38-40 Kelly Parkway is a short walk from the 8th Street Light Rail, offering direct connectivity to Jersey City, Hoboken and New York City.
