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Multifamily Assets Get Sold in Slow Market

BAYONNE, NJ-In an otherwise slow acquisition market, two small multifamily properties here and in East Orange have changed hands.

By Maria Wood | Updated on June 16, 2009

BAYONNE, NJ-A 12-unit apartment complex here and a multifamily building with eight residences in East Orange have recently traded. Those deals prove that even in another otherwise barren acquisition market, smaller multi-residence properties can still get sold.

In the local deal, Astafa Bros. Management of Manalapan picked up a 13,300-square-foot, four-story building at 514-516 Kennedy Blvd. for an undisclosed price. Aaron Mittleman, senior vice president of Weichert Commercial Brokerage Inc., worked on behalf of the unnamed seller. The buyer was repped by Brian DeCicco of RE/MAX.

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