Commercial real estate brokerage firm Marcus & Millichap facilitated the sale of Civic Towers, a 13-unit multifamily asset in Union City for $2.65 million.
The transaction set a new benchmark for the local market, delivering a record-setting price per unit for a rent-controlled building in the municipality.
Jonathan Zamora, Senior Director of Investments in Marcus & Millichap’s New Jersey Office, exclusively marketed the property on behalf of the seller, Isaiah Thompson.
“Our marketing process delivered a record-setting price per unit for a rent-controlled building in Union City while securing terms that prioritized certainty of execution, including completion of due diligence during attorney review, a hard deposit at contract signing and no financing contingency,” Zamora said. “The sale marks the third transaction for which our team has been retained to represent the property’s ownership.”
Located at 1306 New York Avenue, Civic Towers encompasses 10,500 square feet of residential space situated on a 0.10-acre parcel. Constructed in 2003, the property features modern building systems including a full-building sprinkler system and a dedicated, gated parking lot for tenants.
The 13-unit layout comprises:
- Nine one-bedroom apartments
- Four two-bedroom apartments
Situated near the Union City–Hoboken border, the property offers residents convenient access to public transportation, regional transit hubs, and nearby dining and retail corridors.
