Michael Cervelli Real Estate Announces the Sale of 1700 Summit Avenue in Union City
The property is a mixed-use investment property containing 6 apartments and 3 commercial stores. The building has separate utilities and traded for $665,000. Chris Cervelli orchestrated the sale, which involved the handling of many open permit issues within the city.
“It’s really important to be out in front of city ordinances and building department issues. Clearing old permits can be a lengthy process so it’s best to tackle it at the inception of the deal,” says Chris Cervelli, CCIM.
Union City continues to be a hotbed for apartment house investment. Given its proximity to Manhattan, the sixth borough is a more competitive option for commuters than Queens or Brooklyn.
