Cervelli Real Estate sells 42 units in Jersey City

Michael Cervelli Real Estate announces the sale of six income producing properties totaling nearly $3,000,000 in up and coming areas of Jersey City to finish off a strong December of sales. The first, 1130 Summit Avenue is a 6 unit residential property with a large commercial warehouse. The property, located in Jersey City Heights which is experiencing a large influx of artists, was originally listed at $985,000. Within 2 weeks of marketing, Cervelli Real Estate had an accepted offer. However, due to an appraisal amount of only $720,000, Cervelli Real Estate had to re-negotiate the financial terms and convinced the owner to take back a mortgage to preserve the strong price and the property ended up closing for $910,000.

31 Orchard Street is located in the booming Journal Square section of Jersey City which is riding a wave of in demand housing along transit lines.  The property, a six unit residential apartment house with all separate utilities sold for $639,000 or just over $106,000 per unit signaling the continued strength of the Gold Coast investment market.  “Investors, fatigued by low returns in Brooklyn and Queens are looking to Hudson County for a higher return with the same type of occupancy and ease of transportation.” said Chris Cervelli, CCIM.   Other sales included 12 units on Grant Avenue, 10 units on Bartholdi Avenue and another 7 units on Ocean Avenue.

Headquartered in North Bergen, New Jersey, Michael Cervelli Real Estate, LLC was founded in 1983 and is acknowledged as among New Jersey’s most experienced specialists in Investment Real Estate. Aimed at providing professional brokerage services to private investors and financial institutions involved in income producing multi-family properties and shopping centers, the company has posted steadily increasing sales results. Cervelli has an undisputed reputation of honesty, integrity, and experience in the Investment Real Estate Industry.