44-Unit MF Jersey City Property Sells for $4.375 Million

JERSEY CITY, NJ—Stonegate Buildings, a partnership between Steven Gelbtuch‘s Garfield Avenue Holdings and Nat Amsel, has sold 238-242 Garfield Avenue, Jersey City NJ to 238-242 Garfield Ave JC LLC for $4.375 million. It’s one of the highest per-unit prices achieved by a Jersey City multifamily property, says Gelbtuch.

Marcus & Millichap’s Steven Matovsky arranged the sale. Stonegate purchased the property in June 2011, taking advantage of  the fact that Jersey City is experiencing a rental revival from developers, investors, and tenants who are attracted to its proximity to Manhattan, and convenient transportation via light rail and PATH, Gelbtuch says. This has led to strong and rising prices in the market over the past 2-3 years.