Cushman & Wakefield Sells Mixed-Use Building in Jersey City
A mixed-use building located at 410-412 Central Avenue, between South and Thorne Streets in Jersey City, was sold in an all-cash transaction valued at $2,200,000.
The beautifully renovated three-story building contains approximately 12,000 square feet and sits on a 50’ x 125’ lot. It consists of two retail units on the ground floor and eight residential units above, with six one-bedroom units and two two-bedroom units. The building features ceiling heights between 10 and 11 feet throughout and all units have been completely renovated with high quality finishes. The building was delivered vacant and the sale price equated to approximately $183 per square foot.
“Having worked with the owner on prior transactions, he knew we would work very hard to help him accomplish the timely sale of his property,” said Cushman & Wakefield’s Robert Burton, who exclusively handled this transaction with Fahri Ozturk. “The growing appetite for Jersey City real estate shows no signs of slowing down. We extensively marketed the property to brokers as well as local, domestic, and international investors, and we were able to identify the perfect buyer at the best market price for the seller,” added Fahri Ozturk.