Cervelli Real Estate Sells West New York Multifamily For $3.95M

A 28-unit apartment building located at 5401 Palisade Avenue in West New York was recently sold for $3.95 million. The property is situated just blocks away from the Hudson-Bergen Light Rail’s Bergenline Avenue station, offering a convenient location for residents.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,950,000
• Units: 28
• Price Per Unit: $141,071
• Market: West New York
• Broker: Michael Cervelli - Cervelli Real Estate & Property Management

The sale of this multifamily property was facilitated by Michael Cervelli of Cervelli Real Estate and Property Management. The deal attracted significant interest, with 45 offers received through a strategic marketing effort. Principal Michael Cervelli noted that the property presented a considerable upside potential for the new owners.