CBRE announced the sale of a multi-family property in Jersey City for a near record-setting sum. Located at 25 Van Reipen Avenue, just one block north of the Journal Square Transportation Center, the three-story, 31-unit building sold for $4.4 million.
The CBRE Capital Markets team comprised of Charles Berger, Elli Klapper, and Mark Silverman represented the long-time owner of the property in the transaction. 25 Van Reipen Avenue was sold to 29 Van Reipen, LLC.
“This is the second Jersey City site CBRE has sold to this buyer, who also owns several adjacent properties and may be looking to amass them into a development assemblage. There is currently significant development in the area immediately surrounding the Journal Square PATH station and more is expected, as this is one of the premier areas in Jersey City for multifamily properties,” said Mr. Berger. “Alternatively, the existing rents at the property are extremely low for the area, allowing for tremendous upside if the new owner decides to keep this as an investment property with some capital improvements in the near-term.”