Capital Realty’s Greenstein arranges milestone $130M transaction in Bayonne/Union City
UNION CITY/ BAYONNE, NJ — Marking one of the largest multifamily deals in Bayonne and Union City based on the total sale price and the number of units exchanged in a single transaction, Capital Realty Associates has arranged the disposition of 66 multifamily buildings consisting of 919 units in a $130 million sale. Capital Realty president, Benjamin Greenstein represented the seller and procured the buyer, a private investor. “The sheer volume of the Bayonne and Union City portfolio presented a challenge when trying to find the most suitable buyer,” said Greenstein. “A longstanding relationship with the seller developed into a confidence that Capital Realty would be best-suited to facilitate this complex transaction.” “The buyer believes that we are still a distance from the apex of Hudson County’s rent boom, and he was therefore eager to extend his foothold into this burgeoning market,” Greenstein says. With Hudson County recognized as home to the country’s four most densely populated cities (Union City ranking second on the list), asking rents are expected to appreciate significantly in the area. “It was definitely a rare multifamily acquisition opportunity simply based on its size and highly strategic location,” adds Steven Follman, vice president/sales manager at Capital Realty.