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John Rapp Purchases 24-Unit Multifamily Property At 900 Avenue C From Richard Massa For $4.4M

Property Image
SOLD
$4,400,000
Manveer "Manny" Sanghera
JR
Alex Morgan

New Jersey

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MultiFamily22,000 SF
Sold 06/27/2025
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Property Image
SOLD

John Rapp Purchases 24-Unit Multifamily Property At 900 Avenue C From Richard Massa For $4.4M

900 Avenue C

See Similar Deals
MultiFamily22,000 SF
Sold 06/27/2025
Manveer "Manny" Sanghera
JR
Alex Morgan
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$200
Total Square Footage:22,000 SF
Transaction Type:Sale

The property sold is a multifamily asset located at 900 Avenue C in Bayonne, NJ. The asset consists of 24 units and spans a total of 22,000 square feet. The sale price for the property was $4,400,000, resulting in a price per unit of $183,333 and a price per square foot of $200.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $4,400,000
  • Units: 24
  • Square Footage: 22,000
  • Price Per Unit: $183,333
  • Price Per Square Foot: $200
  • Buyer: John Rapp
  • Seller: Richard Massa
  • Brokers: Manveer Sanghera & Alex Morgan - Veerman Asset Management

Alex Morgan, a new team member at Veerman Asset Management, played a significant role in this transaction. The property had remained family-held for over 30 years, marking its first transfer in decades. The deal offers nearly 15% rental upside for the buyer, indicating potential for long-term growth. This transaction is noted for achieving one of the highest price-per-unit sales for similar vintage properties in Bayonne's history.

Players

Manveer "Manny" Sanghera
Veerman Asset Management
Manveer Sanghera
15 deals$247.2M volume
BROKER
Alex Morgan
Veerman Asset Management
Alex Morgan
1 deal$4.4M volume
BROKER
Veerman Asset Management
Veerman Asset Management
BROKERAGE
JR
John Rapp
4 deals$48.9M volume
BUYER

Details

SOLD
IMAGE: Manveer Sanghera & Alex Morgan DATE: 06/27/2025 ADDRESS: 900 Avenue C MARKET: Bayonne ASSET TYPE: Multifamily BUYER: John Rapp SELLER: Richard Massa BROKERS: Manveer Sanghera (@MannySinghPSU) & Alex Morgan (@AlexpMorgan) - Veerman Asset Management SALE PRICE: $4,400,000 UNITS: 24 ~ PPU: $183,333 SF: 22,000 ~ PPSF: $200 NOTE FROM BROKER: Big Welcome & Big Win 🎉 Veerman Asset Management is proud to announce the closing of 900 Avenue C, led by their newest team member, Alex Morgan. Alex played a key role in the closing of 900 Avenue C, a 24-unit, value-add multifamily property in Bayonne, NJ. The asset had been family-held for over 30 years, making this the first time it traded hands in decades. The deal offers nearly 15% rental upside, positioning the buyer for significant long-term growth. This transaction ranks among the highest price-per-unit sales for comparable vintage properties in Bayonne’s history — a strong outcome driven by disciplined marketing and execution. With years of experience and immediate impact, Alex is already proving to be a valuable addition. Welcome aboard — and congratulations on a strong first deal. 🔑🏙️

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