1006 Palisades Ave UC LLC Acquires Multifamily Property In Union City, NJ For $4.35M

Located on lower Palisade Avenue in Union City, the property at 1006-1008 Palisades Avenue recently closed in a sale transaction. This off-market multifamily asset consists of 21 units and is accompanied by five garages and unobstructed skyline views. The deal was recorded as the highest sale per door in Union City, with each unit selling for an average of $207,143. The property spans 32,000 square feet, resulting in a price per square foot of $136.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $4,350,000
• Units: 21
• Price Per Unit: $207,143
• Square Footage: 32,000
• Price Per Square Foot: $136
• Address: 1006-1008 Palisades Avenue, Union City, NJ
• Market: Union City, NJ

Anthony Zito and Sean Del from Lifestyle International Realty represented the buyer, 1006 Palisades Ave UC LLC, in this transaction. The sellers were Nicolo and Erika Tamborra. The deal was successfully closed within a 30-day deadline to meet an expiring 1031 exchange requirement. The buyer's team was able to create a market comp for other owners that exceeded the area trends, resulting in a win-win situation. This acquisition not only adds a beautiful property to the buyer's portfolio but also a lucrative cash flow generator for years to come.