Multifamily Market Looks Steady for Now

LIVINGSTON, NJ-The largest trade was the $12.5 million sale of 150 units at 317-343 Fairmount and 62 Kensington avenues in Jersey City. Sales associate Benjamin Greenstein and vice president Alan Lieberman represented the seller and procured the buyer, both of whom are long-time private investment clients. The five mid-rise buildings are located in close proximity to Journal Square and Saint Peter’s College. Each features an all-brick façade and a mix of one, two and three-bedroom units. The buildings were approximately 80% occupied at the time of sale.

“To take advantage of the hot investment climate in Jersey City, the buyer is planning comprehensive renovations, including a state-of-the-art security system, that will add short and long-term value to the buildings,” Greenstein says, noting also that area occupancy rates are approximately 95%. According to Gebroe-Hammer, area rental rates are $825 for one-bedroom and $975 for two-bedroom units.

Favored by commuters traveling to Manhattan–as well as western parts of New Jersey–Jersey City offers a variety of convenient transportation options, including bus lines, rapid transit, ferries, tunnels and rail lines.