S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

Includes a large warehouse, multifamily homes, Puccini’s Restaurant and associated parking Michael Cervelli Real Estate announces the sale of two North Hudson investment properties

ORTH HUDSON COUNTY, NJ — Mi- chael Cervelli Real Estate announced the sale of two North Hudson invest- ment properties. The first, lo- cated at 604 21st St. in Union City, is a 9 unit 4 story brick apartment house located in a central location of Union City, purchased by international investors looking to deploy capital into safe hard assets. Union City benefits from an excellent public transporta- tion system, convenient prox- N

MAY 15 - 28, 2015


604 21st St.; Union City, NJ (above) 80 Webster Ave.; Jersey City, NJ (right)

imity to Manhattan and com- petitive pricing in comparison to comparable areas such as Brooklyn and Queens. The property traded for $1,115,000 or $123,888 per unit. The second, 80 Webster Ave. lo- cated in the white hot Jersey City heights, was a six unit apartment house purchased by a local investor who is ac-

cumulating properties in this rapidly expanding city. Jersey City is currently experiencing a renaissance, as high demand for new rental units, exceed- ingly high prices in its sister city of Brooklyn, and a very aggressive infrastructure pro- gram to support all of the new development create a strong sense of confidence. n


Company Feature MAST Construction Services

Jason Starkman of Starkman Realty Group represents both buyer and seller SELA Realty Investments aquires The Sussex House in Cherry Hill from AIG for $4.1 million

2-3B Co l dwe l l Banker Commerc i a l NRT inks largest 2014 NJ commercial lease

than a rental and it shows. The apartments are specious, with nice features, beautiful views etc. We are very proud to add it to our growing south Jersey portfolio. We own a few more properties in the area and are looking forward to ac- quire more in the near future”. Tal also said “We plan on renovating the lobby, add amenities such as gym and residents club and improve the financials of the building. The deal was brought to my attention by Jason Starkman who made this all happen due to his persistence and patience” The building offers commer- cial units on the ground floor and 1BR-2BR apartments above.

CHERRY HILL, NJ — SELA Realty Investments , a real estate investment and management company located at Fort Lee, NJ has announced its recent acquisition - The Sussex House located at 1001 North Kings Highway, Cherry Hill. The company acquired 59 condominiums out of 77 units fromAIG for $4.1 million. The occupancy at the time of sale was 95%. Jason Starkman of Stark- man Realty Group repre- sented both the buyer and seller in the transaction. Tal Steinberg , managing partner of SELA said: “The Sussex house is an amazing building. It was built as a condominium building rather


ALSO INSIDE CREW NJ.............................. 20B www.marejournal.com

The Sussex House

SELA Realty Investments will handle the management for the building as well as the

condominium association that was managed by Kettler prior to the sale. n

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