Abe Weinberg Sells Multifamily Portfolio In Jersey City For $13.8 Million With Hudson Atlantic Realty

The transaction involved a two-building multifamily portfolio located at 546 Bergen Avenue and 565 Bergen Avenue in Jersey City, primarily consisting of 68 rent-controlled apartments along with one retail space. The sale price for the portfolio was $13.8 million, equating to approximately $200,000 per unit, which sets a record for per-unit pricing in the vicinity for older rent-controlled properties.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,800,000
• Units: 69
• Price Per Unit: $200,000
• Seller: Abe Weinberg
• Broker: Adam Zweibel & Nicholas Favorito - Hudson Atlantic Realty
• Market: Jersey City

Adam Zweibel, the President of Hudson Atlantic Realty, exclusively brokered the transaction on behalf of the seller, Abe Weinberg of Axial Partners. The buyer was identified by Nicholas Favorito, the Vice President at Hudson Atlantic Realty, highlighting the collaboration between the two brokers in facilitating this notable sale in the West Bergen / McGinley Square section of Jersey City.