301 Broadway in Bayonne — Courtesy: Matthews
By Joshua Burd
A private local investor has acquired a six-unit apartment building in Bayonne for nearly $1.2 million, in a newly announced deal by Matthews.
David Ferber, a senior vice president and director with the firm, represented a repeat client as the seller and sourced the buyer in the transaction at 301 Broadway. That followed what he said was a competitive listing period, noting that the property is fully market-rate and has roughly 21 percent rental upside, culminating with a buyer whose combination of pricing and certainty of execution maximized value for the seller.
The deal closed at $1.165 million.
“Buyers responded to the combination of strong in-place income, free-market rents and meaningful remaining upside,” Ferber said. “The seller had a well-maintained asset with a number of major improvements already completed, which allowed us to create strong interest and ultimately close at 97 percent of the asking price. It’s another example of the continued demand we’re seeing for well-positioned Bayonne multifamily properties.”
Aside from renovated units, the building has in-unit laundry, separately metered utilities and recently replaced roof and boilers, Matthews said, while renters are a roughly eight-minute walk from the Hudson-Bergen Light-Rail’s 8th Street station.
