Marcus & Millichap has arranged the sale of 61 Park Avenue, a 38-unit, 32,000-square-foot mixed-use property located in Paterson, New Jersey, for $7.925 million.
“We continue to see increased demand from both local and out-of-market investors looking for opportunities in Paterson, They are attracted to the new development, increasing rental growth and its convenient proximity to New York City and other parts of Northern New Jersey,” said Daniel Aviles, who with Richard Gatto, Fahri Ozturk and Casey Egan marketed the property on behalf of the seller, a private owner. They also secured the buyer, a private investor.
“We were fortunate to work with a good buyer and seller to get this deal across the finish line during the pandemic,” Gatto said. “61 Park Avenue gives the purchaser a rare opportunity to acquire a newer construction property with strong cash flow, below market rents and a 20-year tax abatement.”
The newly-constructed 61 Park Avenue consists of 24 one-bedroom, 12 two-bedroom and two commercial units. The property was built in 2017 with a flat roof and separately metered units.
