By: William Jones
Reapex founder Ramzi Jaloudi brokered the deal that redefined the ceiling for multifamily in this Gold Coast city.
WEST NEW YORK, N.J. — A four-unit multifamily property at 6115 Boulevard East closed on September 1, 2026, for $2,050,000, the highest recorded sale price for a residential multifamily property in West New York’s history.
At that price for four units, the sale works out to roughly $512,500 per unit, a valuation rarely seen on traditional four-family product in this submarket, where comparable properties have historically traded at a fraction of that mark. Typically, legacy two-to-four-family properties trade well below the per-door metrics commanded by newer, amenity-rich waterfront developments, making a $512,500 per-unit mark on a classic walk-up especially striking.
The Palisades Premium: The property sits atop West New York’s Palisades cliffs, a stretch of Boulevard East long favored by buyers and investors priced out of comparable product just across the river in Manhattan. The corridor runs along the edge of the Palisades escarpment, giving many of its buildings unobstructed sightlines to the Manhattan skyline. Much of the surrounding housing stock consists of smaller multifamily buildings that have functioned for decades as steady rental housing, and NJ Transit express buses running into the Port Authority Bus Terminal keep the corridor well connected to Manhattan. Together, that has made the stretch a consistent draw for both owner-occupants and investors seeking dependable income from tenants who want the same view without paying Manhattan rents. West New York is among the most densely populated municipalities in the country, a scarcity dynamic that has long supported values for the town’s existing multifamily stock, particularly along the waterfront-facing side of Boulevard East.
“Boulevard East is regarded as one of the most iconic corridors on the Gold Coast,” said Jaloudi. “When you combine unobstructed, dead-on Manhattan skyline views with well-maintained dwellings and strong rental demand, you have an asset class that cannot simply be replicated. Crossing the $2 million mark on a traditional four-family isn’t something this market has done before. It shows what well-positioned residential multifamily on this stretch of Boulevard East can command when marketed correctly.”
Jaloudi said much of the corridor’s pricing power comes from a crossover buyer pool. “You’ve got buyers who want to live in an updated unit with arguably the best Manhattan views, while the other units cover a substantial portion of their carrying costs. Simultaneously, there is a pool of buyers underwriting this purely as an investment, and both of them are bidding on the same asset. This overlap is not seen in many markets and is partly the reason properties here push past what a straight investment comp would suggest.”
He added that the sale reflects a broader pattern he’s tracking across the Bergen and Hudson County Gold Coast, where individual investors and small syndicates continue to compete for well-located multifamily assets even as underwriting has grown more disciplined. “Buyers today aren’t paying up for any four-family,” he said. “They’re paying up for addresses with real, defensible upside: the view, the block, NYC proximity, the rent roll. This property checked every one of those boxes, and the price reflects it.”
Jaloudi said the sale also points to a gap between how these properties often appraise and what they actually trade for. “Appraisals built on income cap rates or fully-tenanted comps can undervalue a building like this,” he said. “The price gets set by whoever needs the lowest return to justify buying it, in this condition and with these views, that’s likely the owner-occupant, not the investor.”
Reapex is a Fort Lee-based brokerage founded by Jaloudi, operating on an agent-centric model. The brokerage runs on the Reapex Operating System, a custom-built, proprietary platform unifying CRM, transaction management, marketing tools, and AI capability in one place. “This isn’t the first record we’ve set in North Jersey, and it won’t be the last,” said Jaloudi.
