Redwood Realty Advisors’ $4.075 million West New York apartment sale sets record price
WEST NEW YORK, NJ — Redwood Realty Advisors announced the closing of a 30-unit apartment property on Dewey Ave. in West New York. The five-story, brick walk-up sold for $4.075 million and a cap rate of 5.45% — achieving a record price per unit for that market at $135,833.“The record sale price speaks to the desirable location of this asset as it is situated in the Gold Coast area of West New York and just three blocks north of the highly coveted Boulevard East,” said Steven Matovski, a director at Redwood Realty. “Hudson County continues to be a hot market for apartment sales, and buyers remain aggressive in their bidding for quality assets, added Matovski. Matovski brokered the transaction with Redwood Realty Investment associate Saul Ramirez. “Both Steve and Saul did a tremendous job in successfully executing this transaction within a very short timeframe so the buyer could use the property for a 1031 Exchange,” said Thomas McConnell, CCIM, managing partner at Redwood Realty. The buyer was LS Realty, LLC and the seller was Marin Blvd, LLC.