NEW YORK— Matthews™, a commercial real estate investment services and technology firm, completed the sale of an 8-unit apartment building located at 642 Avenue C in Bayonne, New Jersey. Matthews™ First Vice President and Director David Ferber represented the seller in the $1,620,000 transaction, which marked the highest sale price on price per unit at $203K per door.

 

The seller, a long-time owner and developer with over 30 years of experience across Hudson County and New York City, elected to sell as part of a portfolio strategy, as the property was a smaller, more management-intensive asset relative to core holdings. After more than 20 years of ownership, the property appreciated by nearly $1 million in value.

 

“Bayonne has seen an explosion of activity in the last few years, both in new development and investors coming in and buying property in the market. The city has very landlord-friendly rent control laws, allowing the owner to permanently decontrol apartments upon vacancy,” Ferber said. “Most of the housing stock in Bayonne has already been decontrolled. The city is easy to work with and has some great fundamentals, including a future ferry terminal, Hollywood studios being built, and great rent control laws.”

 

Matthews™ ran an accelerated marketing process that generated eight offers in three weeks. Leveraging its track record with a trusted repeat buyer expanding a Bayonne multifamily portfolio, the agent closed the transaction in under 30 days. The buyer plans to renovate and reconfigure select layouts, adding bedrooms to enhance rental performance and drive long-term value.

 

For more information, please contact David Ferber or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.