A 16-unit multifamily property at 61 Concord Street in Jersey City Heights has sold for
$1,775,000 to 61 Concord Holdings, ending more than 35 years of ownership by the
seller, Ginnita Corp.
The three-story building includes 16 apartments — four studios, eight one-bedroom
units and four duplex one-bedroom units. The property, in the Jersey City Heights
neighborhood, was marketed with value-add potential, with in-place rents well below
current market levels.
ICON Real Estate Advisors’ David Betesh represented the buyer in the transaction.
“This transaction presented an opportunity to acquire a well-located multifamily property
under the same ownership for more than three decades at an attractive price on a per-
unit basis,” he said. “The buyer saw significant long-term potential in the asset.
ICON Real Estate Advisors, headquartered in West Orange, focuses on multifamily
investment sales across New Jersey, New York, Pennsylvania, Maryland and Virginia.
The firm was co-founded by Managing Partners David Oropeza and David Jarvis.
