Ripco Real Estate announced the $4.135 million sale of a 30,585-square-foot multifamily property in Kearny, New Jersey. The property features 28 residential units, including 16 one-bedroom and 12 two-bedroom apartments, as well as a pharmacy that has operated at the property since 1952.
Casey Egan, director, investment sales, represented the buyer and seller in the transaction. Based in Ripco’s Elmwood Park, New Jersey office, Egan specializes in multifamily investment sales throughout Northern New Jersey.
The ownership group, which has held the property since 1979, worked with Egan on the sale following a longstanding relationship dating back to 2018. The property was relisted at $4.2 million and generated significant interest, resulting in seven written offers, including several at or above the asking price.
“There was a lot of competition for this asset, and our longstanding relationship with the ownership allowed us to earn their trust and ultimately bring the property to market,” said Casey Egan. “The response from buyers demonstrated the strength of demand for multifamily properties in Kearny, even for an asset with some of the complexities this property presented.”
The sellers ultimately accepted an offer that prioritized the overall strength and certainty of the transaction. The sale, which was subject to only a contingency requiring the sellers to clear title, underscores continued investor demand for multifamily properties in Kearny, one of Northern New Jersey’s increasingly sought-after and rapidly growing markets, Ripco said. With its proximity to New York City, transportation infrastructure and ongoing residential and commercial development, Kearny has emerged as a booming location for multifamily investment.
“After nearly 50 years of ownership, this was an important transaction for the family,” added Egan. “Our goal was to navigate the property’s challenges, identify the right buyer and deliver a successful outcome for the ownership.”
