NEW JERSEY—Park Tower Apartments, a 52-unit elevator building located at 43rd Street and Kennedy Blvd. in Bayonne, has been sold to 119-129 W. 43rd Street L.L.C. for $5.1 million.
Capital Realty exclusively represented the seller, Park Tower Apartments, and identified the buyer. Legal counsel was provided by Jack J. Wind of Margulies Wind P.A., Jersey City, on behalf of the seller. The buyer was represented by Barry J. Cohen of Amster and Rosensweig P.C., Waldwick. Financing for the purchase was provided by Northfield Bank and arranged by Elliot Treitel of Meridian Capital.
Comprised of 52 residential units contained in five stories, Park Tower Apartments was approximately 98 percent occupied at the time of sale.
Located at 119-129 West 43rd St in Bayonne, the building consists of a mix of studios, one- and two-bedroom apartments. The property includes 10 garages for residential rental, an elevator and on-site laundry facilities.
Units within the property command rental income of $800 to $1,400 per month.
Built in the 1940s, the property has been family-owned since its construction. This sale is the first time the property has traded.