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59 Garrison Avenue

Updated Dec 4, 2024

Lazer Herman Acquires MultiFamily Property In Jersey City For $6.1M
SOLDMultiFamily

Lazer Herman Acquires MultiFamily Property In Jersey City For $6.1M

59 Garrison Avenue

$6,100,000

$174/SF

Building Size

35,000 SF

Asset Type

MultiFamily

Closing

Aug 3, 2023

About this deal

AI

Located at 59 Garrison Avenue in Jersey City, this multi-family property was recently sold in a transaction facilitated by Elliot Schechter of Palisade Partners. The property spans over 35,000 square feet and consists of 40 units. The sale price for this asset was $6,100,000, resulting in a price per unit of $152,500. The price per square foot of the property stands at $174.

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $6,100,000
  • Address: 59 Garrison Avenue, Jersey City
  • Market: Jersey City
  • Units: 40
  • Price per Unit: $152,500
  • Square Footage: 35,000
  • Price per Square Foot: $174

Lazer Herman, the buyer, entered into the transaction with Shirley Perlman, the seller. Elliot Schechter, representing Palisade Partners, acted as the broker in this deal.

Players

Elliot Schechter

Palisade Partners

Broker

$6.1M

vol

1 deal

Broker

Market MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $174 per square foot on a published $6.1M for 35,000 square feet (2023).

Visit Palisade Partners to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.60%

Cash-on-Cash

-0.74%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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