West New York, NJ — Cervelli Real Estate & Management LLC announced the sale of two multifamily properties in West New York with a total of 42 units. The sale was facilitated by Chris Cervelli, CCIM who represented both parties in the transaction. The buyer, Stonegate buildings who owns several dozen apartment complexes in the immediate area, paid $5.3 million according to Cervelli. The properties, located at 5200 Palisade Ave. and 31 66th St. are pre-war construction 4 story walk-up buildings that Cervelli had originally sold to the sellers in 2006.
Stonegate and Cervelli have a long history of success with Cervelli helping them enter the Hudson County market on their first acquisition in 2010 in Jersey City. When the sellers decided to sell, Cervelli knew that Stonegate would be the ideal purchaser with their strong track record of following through on their purchases quickly and efficiently. Stonegate has the vision and ability to maximize underperforming and mismanaged properties in great submarkets.