In an off-market deal, ICON Real Estate Advisors has completed the $4.1 million sale of 5-7 Kelly Parkway, a 25-unit apartment building located in Bayonne. The sale marks the end of more than half a century of ownership by the Brancatella family.
David Betesh, director of Multifamily at ICON Real Estate Advisors, served as the sole broker in the transaction, representing both the seller and the buyer.
The transaction represents the second major multifamily deal Betesh has arranged on Kelly Parkway within the past two years. In December 2024, he brokered the sale of a neighboring 36-unit apartment complex located at 41-43 Kelly Parkway.
Betesh emphasized that the property’s blend of immediate stability and long-term upside attracted significant attention from real estate investors:
“The property generated strong investor interest because it combined stable income with the potential to increase residential rents by at least 30% over time,” Betesh said. “Representing both the buyer and seller allowed us to efficiently guide the transaction to a successful outcome.”
Key highlights of the transaction
- Property Address: 5-7 Kelly Parkway, Bayonne, NJ
- Purchase Price: $4.1 Million
- Unit Count: 25 Multifamily Units
- Deal Structure: Off-Market Transaction
- Ownership History: Held by the Brancatella family for over 50 years
- Brokerage Firm: ICON Real Estate Advisors (David Betesh representing both buyer and seller)
