Rocco Errico Sells Package Deal In Jersey City For $2.8 Million With Amar Mody & Basilio Rivera
122-124 Ocean Avenue, 93 Winfield Avenue, 91 Winfield Avenue, 89 Winfield Avenue & 87 Winfield Avenue
$2,800,000
$23/SF
Building Size
120,000 SF
Asset Type
Package Deal
Closing
Jul 10, 2024
AI
The transaction involved a package deal encompassing multiple properties located at 122-124 Ocean Avenue, 93 Winfield Avenue, 91 Winfield Avenue, 89 Winfield Avenue, and 87 Winfield Avenue in Jersey City, NJ. The total sale price was $2,800,000, with an overall square footage of 24,000, resulting in a price per square foot of $117.
Summary of transaction details:
- Property Type: Package Deal
- Transaction Amount: $2,800,000
- Square Footage: 24,000
- Price Per Square Foot: $117
- Seller: Rocco Errico
- Buyer's Representative: Ian Cramsey - Howard Hanna Rand Realty
- Seller's Representatives: Amar Mody & Basilio Rivera - Sotheby's International Realty
- Date of Transaction: 07/10/2024
The deal was facilitated by Ian Cramsey representing the buyer, while the seller was represented by Amar Mody and Basilio Rivera. The involvement of these brokers played a crucial role in the successful completion of the transaction within the Jersey City market.
Players
Jersey City Package Deal Market Snapshot
Boundary boundary · Package Deal · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93