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Fahri Ozturk, Richard Gatto, And David Ferber Acquire Multifamily Property In Jersey City For $12M

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This MultiFamily property located in NJ was sold for $12,000,000 about 3 years ago. The brokers of the deal were David Ferber, Fahri Ozturk, and Richard Gatto

Located in Jersey City, the multifamily property at 109-111 Garrison Ave & 64-70 Baldwin Ave has recently been sold in a closed transaction. The sale took place on 03/05/2021, with a sale price of $12,000,000. The property consists of 82 units, resulting in a per unit price of $146,341. The occupancy at the time of sale was 50%. The property offers a potential return on investment with a cap rate of 2.30%.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $12,000,000
  • Address: 109-111 Garrison Ave & 64-70 Baldwin Ave, Jersey City
  • Market: Jersey City
  • Units: 82
  • Price per Unit: $146,341
  • Cap Rate: 2.30%
  • Occupancy at Sale: 50%

The sale of this property was facilitated by the brokers Fahri Ozturk, Richard Gatto, and David Ferber, CPA. Representing their respective agencies, they played a crucial role in the successful transaction. The buyers and sellers were able to rely on their expertise and guidance throughout the process.

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Deals
  • Location
    111 Garrison Avenue, Jersey City, NJ, USA111 Garrison Avenue, Jersey City, NJ, USA
  • Sale Price
    $12,000,000$12,000,000
    $1,599 PPSF$1,599 PPSF
  • Area
    7,501 SF7,501 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

David Ferber

David Ferber

Deals13
Sold$75.8M

Richard Gatto

Richard Gatto

Deals36
Sold$933.1M

Fahri Ozturk

Fahri Ozturk

Deals36
Sold$933.1M

Agencies

CBRE

CBRE

Agency
Deals4231
Volume$184.3B

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Deal Summary

SALE IMAGE: Fahri Ozturk, Richard Gatto, David Ferber, CPA DATE: 03/05/2021 ADDRESS: 109-111 Garrison Ave & 64-70 Baldwin Ave MARKET: Jersey City ASSET TYPE: Multifamily BROKERS: Fahri Ozturk, Richard Gatto (@OzturkGattoGroup), David Ferber - CPA SALE PRICE: $12,000,000 UNITS: 82 ~ PPU: $146,341 CAP RATE: 2.30% OCCUPANCY AT SALE: 50%

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109-111 Garrison Ave & 64-70 Baldwin Ave

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