“This is a very well-positioned property that will only continue to benefit from the current upsurge in the Northern New Jersey residential sales market,” said Gutoff.

“Union City and the surrounding areas of Hoboken, Jersey City and Weehawken offer some of the most luxurious Manhattan-style condos at a substantial discount, and this is another indicator of investor demand for luxury-quality, income-producing assets across the river from New York City.”

The Lenox has a marble lobby, gym, community room and a shuttle to the Hoboken Path Train.

Currently, 142 of the 189 condos are occupied, while 47 of the units are vacant. The sold group of units includes 26 studios, 123 one-bedrooms and 40 two-bedrooms. The buyers plan to immediately renovate the vacant units with high-quality finishes and begin marketing them.

As part of the package deal, the purchasers also acquired the building's four retail condominiums comprising a total of 3,621 square feet and a 225-unit parking lot.

In addition, the buyer duo received holder status from the original sponsor to allow it flexibility in rentals and sales as the renovation proceeds, according to Moss. Over the last 18 months, condo sales at the Lenox have averaged $230 per square foot.

Union City is five miles from Midtown via the Lincoln Tunnel, six miles from the New Jersey Turnpike and six miles from the Garden State Parkway.

Attorneys in the transaction were Anthony Romano, Esq. of Connell Foley LLP for the seller and Alexander W. Seligson, Esq. of Seligson Rothman & Rothman for the buyer.