Cushman & Wakefield Sells Multifamily Building in Newark
A multifamily building, located at 148 Chancellor Avenue between Parkview Terrace and Maple Avenue in the historic Weequahic neighborhood of Newark, was sold in a transaction valued at $2,600,000.
The four-story, elevator-serviced building contains approximately 36,000 square feet and sits on a 100’ x 100’ lot. It consists of 37 residential units, most of which were recently renovated. The sale price equates to approximately $70,000 per unit.
“The Newark multifamily market is very healthy and continues to show activity. With New York City prices continuing to rise, an influx of buyers from Brooklyn, Queens, Harlem and the Bronx are looking for new options, making it a great time to sell assets in the urban Essex market,” said Cushman & Wakefield’s Zach Redding, who exclusively handled this transaction.
The property benefits from its location within walking distance to Weequahic Park as well as the Children’s Hospital of New Jersey. It is conveniently situated within walking distance to multiple bus stops and just minutes from Interstate 78.
“Zach marketed this property to our extensive database of buyers, secured multiple offers quickly and was able to negotiate favorable terms and conditions on behalf of our client,” stated David A. Simon, SIOR, Executive Managing Director, New Jersey.