7/25/2008

Jersey City multi-family fetches $1.9 million

by Eric Ramsden

169-171 Manhattan Ave.

CB Richard Ellis orchestrated the sale of a five-story, 33-unit apartment community in Jersey City, N.J., for $1.9 million.

Gebroe-Hammer broker Benjamin Greenstein represented the seller, CEJA Realty Corp., and procured the buyer, River Edge Management, LLC.

The property consists of 26 one-bedroom units, a two and a three-bedroom unit and five studios. It's within close proximity with Manhattan and is within walking distance of several parks, basketball courts and a skating rink and the new owner plans to renovation each of its units.

Address: 169-171 Manhattan Ave., Jersey City, N.J.

Size: 33 units

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Filed Under: Multi-Family

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