A package deal involving two contiguous buildings located at 116 Magnolia Avenue and 118 Magnolia Avenue in Jersey City has been successfully closed. The transaction was priced at $1,980,000 for a total of 6,000 square feet, reflecting a price per square foot of $330. This deal encompasses 22 SRO units situated on 5,100 square feet of land in the prime Journal Square area, conveniently located three minutes from the Path.

Summary of transaction details:

• Property Type: Package Deal
• Transaction Amount: $1,980,000
• Square Footage: 6,000
• Price per Square Foot: $330
• Address: 116 Magnolia Avenue & 118 Magnolia Avenue
• Market: Jersey City
• Broker: Chris Vitiello - Grid Real Estate

Chris Vitiello from Grid Real Estate facilitated the transaction, navigating a complex regulatory environment to achieve a successful closing. Interested parties are invited to contact him for a Broker's Opinion of Value and analysis of their property and portfolio at 551-204-1361.