Marcus & Millichap Inc.
07/16/2024 | Press release | Archived content
Marcus & Millichap Brokers $2.1 Million Sale of Eight-Unit Multifamily Property in West New York
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Marcus & Millichap Brokers $2.1 Million Sale of Eight-Unit Multifamily Property in West New York
July 16, 2024
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WEST NEW YORK, N.J., July 16, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an eight-unit multifamily building in West New York, New Jersey, for $2,115,000 or $264,000 a unit.
"The seller hired us on a very tight deadline as he had already identified their upleg on a 1031 exchange. We immediately executed our marketing process, generating over 15 offers in writing, ultimately securing the strongest buyer who would close all cash within two weeks of contract signing," said Jonathan Zamora, first vice president investments in Marcus & Millichap's New Jersey office.
Zamora had the exclusive listing to market the property on behalf of the seller and procured the buyer, both local private investors.
The multifamily property is located at 6111 Park Ave., near Boulevard East and Anthony Defino Way. It features eight units, all two-bedroom apartments and includes a parking garage on the first floor. The property recently underwent capital improvements, and a double car garage conversion into retail space is already in place.
"The seller hired us on a very tight deadline as he had already identified their upleg on a 1031 exchange. We immediately executed our marketing process, generating over 15 offers in writing, ultimately securing the strongest buyer who would close all cash within two weeks of contract signing," said Jonathan Zamora, first vice president investments in Marcus & Millichap's New Jersey office.
Zamora had the exclusive listing to market the property on behalf of the seller and procured the buyer, both local private investors.
The multifamily property is located at 6111 Park Ave., near Boulevard East and Anthony Defino Way. It features eight units, all two-bedroom apartments and includes a parking garage on the first floor. The property recently underwent capital improvements, and a double car garage conversion into retail space is already in place.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.