CBRE arranged the sale of two pre-war Hudson County multifamily properties, one in West New York and the other in Bayonne. 440 60th Street, a five-story, mixed use building in West New York changed hands for $2.925 million and 38-40 Kelly Parkway, a four-story, 20-unit, multifamily in Bayonne, sold for $3.65 million.
Leading the marketing campaigns for both the West New York and Bayonne properties, CBRE’s team of Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale worked on behalf of the sellers. CBRE also secured the buyers.
“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,” commented CBRE’s Ozturk.
440 60th Street is a brick pre-war building near West New York Town Hall and Police Headquarters on a tree-lined street. The first two floors are dedicated to commercial sue and the top three floors house 12 two-bedroom residential units. The property is close to the Hudson River and NYWW ferries, plus offers many local retail, dining and recreation options.
38-40 Kelly Parkway is located in the Constable Hook neighborhood near the Bayonne waterfront. The 20-unit multifamily is steps from the 8th Street Light Rail Station, giving residents easy access to Jersey City, Hoboken and New York City. The property is also close to many national and local retailers and restaurants.
“Both of these pre-war buildings offer significant rental upside, which was a primary driver behind the buyers’ decision to acquire them. Given Bayonne’s absence of rent control and West New York offering decontrol upon improvements, I’m enthusiastic about the opportunities these buildings present,” added CBRE’s Trank.
