Blue Asset Management LLC Sells Jersey City Apartments

Jersey City, NJ, April 05, 2012 --(PR.com)-- Blue Asset Management LLC has sold an apartment building in the Heights section of Jersey City, New Jersey. The building was part of a package of loans purchased by Blue Asset Management which the company took title to in early 2011.

According to Charles Blumenkehl, director of Blue Asset Management, “The building had essentially been abandoned by its previous owner, and securing the building was moving at a slow pace. We were able to help the lender by giving them immediate liquidity for the underlying mortgages totaling over $1 million, while giving the property the much needed attention required returning it to marketability, which was a major benefit to the few tenants who remained in the building and to the surrounding property owners.”

“At the completion of the asset disposition cycle, the property monetized for close to 100% of its outstanding loan balance, while at the same time providing benefit to the previous lender, the tenants and the new building owner, a local operator who owns and manages similar properties in the area. It was a win-win-win for everyone involved.”

The sale of the building marked the fifth property the fund has sold in Jersey City over the last 24 months. The fund also has buildings currently for sale in Weehawken and North Bergen New Jersey.

Founded by Blumenkehl in 2008, Blue Asset Management LLC owns and operates residential, commercial and industrial real estate throughout New Jersey. For more information about the company or Charles Blumenkehl, or to discuss real estate buying or selling opportunities log onto the company website at www.blueassetmanagementllc.com.