(Read more on the multifamily market.)
IRVINGTON, NJ-Three apartment buildings with a total of 100 units have been sold for $5.1 million, or an even $51,000 per unit. The transaction involves three four-story buildings situated at 380, 404 and 410 Union Ave. in this city's Downtown area.
The deal was brokered by David Jarvis, VP, and sales associate Elliot Schechter of Gebroe-Hammer Associates of Livingston representing both the buyer and the seller. Both parties were investor groups identified by the brokers only as, “long-time Gebroe-Hammer clients.”
“The buyer owns several properties in the area and saw this as a good opportunity,” Jarvis says. “These buildings are well-maintained, with on-site management. The buyer was able to assume a first mortgage at a preferred interest rate.”
On the legal side, the seller's attorney was Larry Raiss of Feinstein, Raiss, Kelin and Booker of West Orange. The buyer was represented by Nathan Kahan of Monsey, NY.
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