A multifamily property in Bayonne, New Jersey has changed hands for the first time in over five decades, according to Real Estate NJ. The 25-unit building at 5-7 Kelly Parkway sold for $4.1 million in an off-market transaction brokered by ICON Real Estate Advisors, with David Betesh representing both the selling Brancatella family and the buyer. The deal is notable as the second multifamily transaction Betesh has closed on Kelly Parkway, following the December 2024 sale of a 36-unit property at 41-43 Kelly Parkway. The broker indicated the asset attracted investor attention due to its stable in-place income combined with the potential to grow residential rents by at least 30 percent over time.
ParkPoint Perspective
The willingness of a multigenerational family owner to sell after fifty-plus years — and the immediate investor appetite that followed — points to a broader dynamic in Hudson County’s smaller multifamily segment: legacy holdings with compressed rents relative to market are surfacing as motivated sellers weigh estate planning and tax considerations. For acquisitions-focused investors, this suggests meaningful upside potential in sub-institutional assets that have been insulated from mark-to-market leasing. The off-market nature of the trade also signals that well-positioned brokers, not listed processes, continue to control deal flow in this size range — a factor that shapes sourcing execution risk for buyers without established local networks.
Source: Real Estate NJ