CBRE arranges sale of multifamily properties in Northern New Jersey

Northern, NJ — CBRE announced the sale of two residential properties in Hudson County: 440 60th St., a mixed-use, two-story property located in West New York for $2.925 million and 38-40 Kelly Parkway, a charming 20-unit, four-story residential building located in Bayonne for $3.65 million.

The CBRE team of Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale led the marketing campaigns for both properties and represented the sellers in the negotiations. CBRE also procured the buyers.

“It’s been a privilege to represent the sellers and also to procure the buyers in these transactions. Having worked with all parties multiple times over the years, it’s incredibly rewarding to see these long-standing relationships culminate in such a successful and exciting outcome,” said Ozturk.

Located on a double-wide, tree-lined street next door to City Hall and the West New York Police Headquarters, 440 60th St. is a pre-war building that has been thoughtfully transformed into two floors of commercial units and three floors of residential apartments featuring 12 two-bedroom homes. The property is situated along the Hudson River waterfront and offers immediate connectivity to Manhattan, as well as a plethora of local retail and recreational amenities.

Located in the Constable Hook neighborhood of Bayonne, 38-40 Kelly Parkway is a short walk from the 8th Street Light Rail, offering direct connectivity to major employment hubs Jersey City, Hoboken and NYC. The property is also in close proximity a number of national retailers including Walmart, Costco, Starbucks, LA Fitness, Lowe’s, Stop & Shop, LongHorn Steakhouse, Jersey Mike’s Subs, Hook & Reel Cajun Seafood & Bar, and other lifestyle amenities.

In Newark, CBRE completed a REO (Real Estate Owned) sale of a two-property, gut-renovated apartment portfolio. A local investor acquired the properties located at 66-68 Garside St. (aka 41-43 Victoria Avenue) and 536-540 Central Ave. from Napier Park Global Capital—an alternative asset management platform headquartered in NYC with $22 billion in assets under management.

The CBRE team of Gatto, Ozturk, and McHale spearheaded the marketing campaign for the two-building portfolio and represented Napier Park Global Capital in the negotiations. CBRE also procured the buyer.

The properties are within 1.5 miles of each other and steps from Newark’s downtown. 66-68 Garside features 20 gut renovated apartments with 3,000± s/f of commercial space on the ground floor while 536-540 Central Ave. is being repositioned into 23 loft-style luxury apartments with 4,000± s/f of commercial space spread across two floors.