M id A tlantic Real Estate Journal — New Jersey — May 21 - June 17, 2021 — 5B
N ew J ersey
Matovski & Nendze represent both the sellers and buyers in portfolio sale totaling $6.93M Redwood Realty closes $10.13M in Jersey City and Newark property sales
ERSEY CITY & NEW- ARK, NJ — Redwood Realty Advisors has
c omp l e t e d the following recent trans- actions: The sale of three prop- erties in Jer- sey City have been sold for a combined price of $6.93 million. Each build- ing sold with many of the un i t s hav - ing recently und e r g one major reno-
384 Bergen Avenue
401-403 Central Avenue
15 Marion Place
occupied. “This sale illustrates how both buyers and sellers are re-engaging in transactions and positive momentum is returning to the investment sales market,” said Israel Goldstein , investment as-
sociate at Redwood Realty Advisors. In this case, the properties offer upside po- tential for the new owners to achieve through higher rents, he said. Goldstein represented both the seller and purchaser in the transaction.
“This sale is really a testa- ment to Israel and his team. They were able to overcome COVID-related obstacles that included assigning the contract to a new buyer for the same price and terms, while still managing a quick
close,” said Thomas Mc- Connell, CCIM , managing partner at Redwood Realty. In addition, Blue Foundry Bank also did an excellent job in providing financing and ensuring a smooth close, added McConnell. MAREJ
vation. Combined, the prop- erties traded at an average price per unit of $154,000. The individual properties sold are: • 384 Bergen Avenue-185 Union Street in the Bergen- Lafayette Neighborhood. The adjacent apartment buildings are comprised of 13 units and sold for a total price of $1,780,000. • 401-403 Central Avenue in the Heights Neighborhood of Jersey City, which features 18 residential units and three ground floor commercial units, traded for $3,700,000. • 15 Marion Place in the Marion Neighborhood of Jer- sey City consisted of 11 resi- dential traded for $1,450,000. “The low interest environ- ment and our unique market- ing process helped us maxi- mize value for our clients,” said Redwood Realty director Steven Matovski . Mato- vski and investment associate Chris Nendze represented both the sellers and buyers in each of the three transactions. “The multifamily market’s resiliency through the pan- demic has been eye opening,” added Matovski. “As investors look for safe property invest- ments, multifamily continues to shine and is well positioned to weather any downturn that might arise in the future.” Redwood Realty Advisors completed the sale of a multi- property portfolio in Newark, for a price of $3.2 million. The three properties – 310 14th Ave., 297 Osborne Terrace and 634 15th Ave. are all located within a few minutes from each other. Combined, the properties consist of 36 resi- dential units and commercial space that is currently fully
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