WEST NEW YORK – In the highest price-per-unit multi-family trade for West New York thus far this year, Gebroe-Hammer Associates recently arranged the $8 million sale of 45 units at 5907 Boulevard East, directly across from Donnelly Memorial Park. Senior Vice President Nicholas Nicolaou exclusively represented the seller and the buyer, both of whom were private investors, in the transaction. The sale garnered a $177,777 per-unit price and 4 percent cap rate while establishing a new benchmark for the evolving submarket.
“West New York has emerged as a vibrant mixed-use neighborhood where new investment, development and an expanding tenant base have gained traction during the past 10 years,” said Nicolaou, the firm’s Hudson County market specialist.
Located at the corner of John F. Kennedy Boulevard East/Local Route 505 and 60th Street, the five-story 5907 Boulevard East property is an elevator building featuring a mix of one- and two-bedroom layouts. It has a bus stop directly out front and is along the town’s main NJ Transit bus-route thoroughfare. Service runs to Port Authority Bus Terminal in Midtown Manhattan, George Washington Bridge Bus Terminal and the area’s employments centers, including Jersey City’s Newport Centre. The Bergenline Avenue Light Rail Station at the West New York/Union City border and ferry service from Port Imperial in Weehawken also are nearby.
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