Real Estate VIEWS -NAI HANSON COMPLETES SALE OF MIXED-USE PORTFOLIO IN HISTORIC JERSEY CITY NEIGHBORHOOD


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– Renovations To Hamilton Park Property Include Converting Retail Space Into A Restaurant –
– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, is pleased to announce that the firm brokered the sale of 340-342 Seventh Street in Jersey City, N.J. NAI James E. Hanson Director, Multi-Family Group, Enn Kunnapas, represented the seller and the buyer of the mixed-use portfolio. The seller was a family who has owned the property for more than 60 years. The buyer, an owner/ operator from out of town, plans to convert the two existing stores into a restaurant.

Located in the historic Hamilton Park section of Jersey City, the portfolio consists of two well-maintained apartment buildings, containing a total of seven apartments, two stores and six garages. Each lot measures 25 feet by 100 feet, and one property has four, two-bedroom apartments, while the other has three, three-bedroom units. The buildings are a short walk to the Pavonia-Newport PATH station, and close to the Newport Centre Mall and top-rated Dr. Ronald McNair Academic High School.
“The property attracted many showings because it’s in a very desirable and safe area full of young people and families,” said Kunnapas. “The City recently renovated the nearby actual Hamilton Park with new plantings and light fixtures, two dog runs, an upgraded playground and basketball court, and refurnished gazebo. As a result, the neighborhood has experienced a great deal of development including the addition of luxury condominiums and rehabilitation of historic brownstones.”

About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.

NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 350 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.

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