MXD Property Trades for Nearly $2M

By Eric Peterson
globest.com

381-385 Summit Ave.

JERSEY CITY, NJ-The mixed-use property at 381-385 Summit Ave. here has changed hands between unidentified local private investors for $1.7 million. The property consists of nine apartment units, three retail spaces and a vacant land parcel. Vice president Jonathan Greenberg and sales associate Don Baxter of the Kislak Co. Inc., Woodbridge, represented both the buyer and seller. At the time of closing, the property was fully leased.

?The property is centrally located next to the new courthouse in the city?s Journal Square area,? Greenberg says. ?Kislak has a strong business relationship with both the buyer and the seller, and we were able to secure a high price per unit of $142,000 on this property. Another plus is the vacant lot, which is a rare commodity in Jersey City.?

The deal was closed with the help of 75% long-term value, non-recourse financing from Washington Mutual Bank, secured by Meridian Capital Group?s Russ Drebin. On the legal side, attorneys Sheldon Margolis and Michael Sullivan represented by buyer and seller respectively.