JERSEY CITY, N.J. (February 18, 2015) – CBRE Group, Inc. announced that it has arranged the sale of 205-207 Union Street in Jersey City, N.J., for approximately $1.32 million. The 16-unit multifamily building has recently been fully renovated.
CBRE’s New York Tri-State Investment Properties team of Charles Berger and Mark Silverman, of New Jersey Investment Properties, and Elli Klapper, of New York Investment Properties, served as the exclusive agents for the seller and procured the buyer in the transaction. The new owner plans to hold the property as an investment as they expand their existing portfolio in New Jersey.
“Being able to secure close to top market price-per-unit in the Bergen/Lafayette submarket displays the strong activity in Jersey City’s secondary markets,” said Mr. Berger. “The seller, a long-standing CBRE client, recognized the value of investing in Jersey City, one of the hottest markets in New Jersey and an area where our Investment Properties team has become very active.”
Located only one block from John F. Kennedy Blvd and several blocks from Martin Luther King Drive, 205-207 Union Street provides convenient access to New Jersey Transit Bus stops and the Martin Luther King Drive Light Rail station.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.