Matthews™ Generates 10+ Offers and Closes New Jersey Pre-War Apartment Sale in 45 Days

JERSEY CITY, NJ—Matthews™, a commercial real estate investment services and technology firm, represented the buyer and seller in the disposition of a 17-unit apartment building located at 70 Tonnele Ave in Jersey City, New Jersey. Matthews™ Senior Vice President & Director David Ferber completed the $4,120,000 transaction, achieving the highest sale price for a multifamily property within the Journal Square submarket in the last two years.

The property is approximately an eight-minute walk from the Journal Square PATH Station, providing residents with direct access to Manhattan in roughly 12 minutes. The asset features eight two-bedroom units and nine three-bedroom units, catering to renters seeking more space while remaining connected to New York City employment centers.

Despite a challenging capital markets environment, the property generated significant investor interest, producing more than 10 offers within the first 45 days of marketing. This competitive process provided the seller with significant negotiating leverage, leading to strong pricing and favorable terms. The buyer was sourced directly and was attracted to the property’s location, strong in-place cash flow, large apartment layouts, and approximately 36% rental upside. The transaction closed at approximately $242,000 per unit, setting a new benchmark for pre-war multifamily assets in Jersey City.

“In a market where transaction volume remains significantly below historical levels, this sale demonstrates that investors are still aggressively pursuing well-located multifamily assets with strong fundamentals,” Ferber said. “Many people assume buyers disappear when rates rise. What we have seen is the opposite. Buyers disappear for average opportunities. Exceptional properties in exceptional locations continue to generate competition, and this transaction is proof of that.”

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 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.