Luis Sanchez Purchases Multifamily Property At 566 Newark Avenue Jersey City For $2.5M

The property involved in this transaction is a multifamily asset located at 566 Newark Avenue in Jersey City, featuring 12 units. The total sale price was $2,500,000 with a price per unit of $208,333. The building comprises a total square footage of 16,000, resulting in a price per square foot of $156.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,500,000
• Units: 12
• Square Feet: 16,000
• Price Per Unit: $208,333
• Price Per Square Foot: $156
• Buyer: Luis Sanchez
• Seller: George Strates
• Broker: Robert Antonicello Jr. - Grid Real Estate

The transaction was facilitated by Robert Antonicello Jr. of Grid Real Estate, representing the parties involved. This deal reflects the active multifamily market in Jersey City, with specific interest in properties of this size and value.