
Claremont Trades Park Ridge Apartments for $130M
Claremont Development closed the sale of The James, a 240-unit multifamily property located at 87 Madison Avenue in Park Ridge, NJ. The final sale price was $130,000,000.
Cushman & Wakefield’s Brian Whitmer, Niko Nicolaou and Ryan Dowd represented Claremont. “The property’s location in one of Bergen County’s best downtowns is one of the main drivers for selecting this site for redevelopment and ideally positions the property for long term stability and growth,” said a representative of Claremont Development.
The five-story property, named for the late Park Ridge native and star of “The Sopranos” James Gandolfini, offers studio units, one-bedroom units and two-bedroom units, with 20 units set aside for affordable housing. Amenities include multiple social and entertainment lounges, billiards, shuffleboard, fitness center, tasting room, coffee bar, co-working spaces, private offices, patio dining, barbeque stations and an outdoor pool. The ground floor features 17,600 square feet of retail space.
- ◦Sale/Acquisition