A prime, waterfront parcel measuring 30,000 square feet located at 8709 River Road in North Bergen, NJ has been successfully sold for $5.5 million to a local developer by AIRN Management. The sale was facilitated by the CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale along with Jeff Babikian who led the marketing campaign for this unentitled multifamily development site.
The team at CBRE has been appointed to sell a portfolio of seven properties comprising over 450 units on the New Jersey Gold Coast on behalf of a court-appointed restructuring management team. They were also responsible for finding and securing the buyer for this particular property.
According to Gatto, “This recent sale is another testament to the strong demand we are witnessing from investors looking for entitled or unentitled development opportunities in highly desirable locations like River Road in North Bergen.” This transaction follows another successful closing arranged by CBRE in Hoboken worth $8.5 million on behalf of their client.
The article titled “Two NJ Development Sites Sold For $14M” originally appeared on Connect CRE’s website showcasing their expertise and experience in facilitating lucrative real estate deals across New Jersey.
