An eight-unit multifamily building in West New York has been traded for $2.115 million, or $264,000 a unit, thanks to Marcus & Millichap.
“The seller hired us on a very tight deadline as he had already identified their upleg on a 1031 Exchange. We immediately executed our marketing process, generating over 15 offers in writing, ultimately securing the strongest buyer who would close all-cash within two weeks of contract signing,” Jonathan Zamora, first vice president, investments, in Marcus & Millichap’s New Jersey office, said.
Zamora had the exclusive listing to market the property on behalf of the seller and procured the buyer, both local private investors.
The multifamily property is located at 6111 Park Ave., near Boulevard East and Anthony Defino Way. It features eight units, all two-bedroom apartments, and includes a parking garage on the first floor. The property recently underwent capital improvements, and a double car garage conversion into retail space is already in place.
