Multifamily investment union city nj

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Hey my name is Giovanni I just recently moved from queens to union city New Jersey I have been looking around for an investment opportunity in union city I was wondering if anyone here has any input on this area just because it is so close to manhattan and the prices aren’t so high compared to Hoboken and downtown jersey city also if it is worth to buy a new construction multi family instead of an existing one

[Phillip Fernandez]

Hi Giovanni, I own a multi-family in Union City after having moved over from the Bronx. I’m a big fan of the area for the reasons you stated; I’m within a ten minute drive to midtown Manhattan and prices are relatively affordable compared to Hoboken and Jersey City.
Multi family prices in UC vary significantly depending on where it is in the “gentrification” cycle; properties by the reservoir and Palisade ave. are A LOT more expensive then properties more in-land, north, and west. 
Be mindful on what your investment strategy is, if it’s to “house hack” you’d be comfortable up to a 3-family to avoid rent control, but know that once you move out and rent out all 3 units your 3-family will become rent controlled (I’m in this bucket). 
Taxes are very high in UC, especially for multi’s that have had permits opened and closed. If you’re buying a new construction, make sure there’s a tax abatement strategy in place and please budget yourself for the inevitable year 5-6 when you’ll be responsible for 100% of the property taxes. 

My wife does real estate in the area if you ever want to discuss opportunities further and if you just want to chat, I’m happy to help as well.