ICON Real Estate Advisors arranges three Northern NJ sales totaling nearly $9 Million

Betesh completes multifamily and mixed-use transactions in Bayonne, Clifton & Jersey City

CLIFTON/BAYONNE/Jersey City Heights, NJ — ICON Real Estate Advisors has arranged three Northern New Jersey investment sales totaling $8.975 million.

David Betesh, director of multifamily at ICON, arranged the $4.1 million off-market sale of a 25-unit apartment building at 5-7 Kelly Pkwy. in Bayonne.

Betesh represented both the Brancatella family, which sold the property after more than 50 years of ownership, and the buyer. The transaction marks the second multifamily sale Betesh has completed on Kelly Pkwy., following the December 2024 sale of a 36-unit apartment building at 41-43 Kelly Pkwy.

“The property generated strong investor interest because it combined stable income with the potential to increase residential rents by at least 30% over time,” said Betesh. “Representing both the buyer and seller allowed us to efficiently guide the transaction to a successful outcome.”

In Clifton, ICON arranged the $3.1 million sale of 604-618 Van Houten Ave., a mixed-use property comprising 11 apartments, five retail spaces and 30 parking spaces.

Betesh represented both the seller, Van Houten Investors LLC, and the buyer. The asset was broadly marketed and generated multiple offers before closing.

Located across five contiguous parcels, the property includes one one-bedroom apartment and 10 two-bedroom apartments. Its retail component is fully occupied by five neighborhood businesses. The property is near the Clifton Train Station and several NJ Transit bus routes.

“This offering generated strong investor interest because it combined stable retail tenancy with significant upside in the residential apartments,” said Betesh. “We were pleased to represent both the buyer and seller and guide the transaction through a competitive marketing process that resulted in multiple offers and a successful outcome.”

ICON also arranged the $1.775 million sale of a 16-unit multifamily property at 61 Concord St. in Jersey City Heights.

Betesh exclusively represented the buyer, 61 Concord Holdings LLC. Ginnita Corp. sold the property as part of an estate disposition following more than 35 years of ownership.

The three-story building comprises four studios, eight one-bedroom apartments and four duplex one-bedroom units. The property offers value-add potential, with its existing rents below prevailing market levels.

“This transaction presented an opportunity to acquire a well-located multifamily property under the same ownership for more than three decades at an attractive price on a per-unit basis,” said Betesh. “The buyer saw significant long-term potential in the asset.”

Together, the transactions reflect continued private-investor demand for well-located Northern New Jersey multifamily and mixed-use properties offering stable income and opportunities for long-term value creation.