Cushman & Wakefield Arranges Former Flagstar Bank Portfolio Sale

Cushman & Wakefield arranged the sale of a portfolio of seven former Flagstar Bank branches across northern New Jersey. The vacant retail assets were acquired by a private buyer for $4.4 million.

A Cushman & Wakefield team of Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri represented the seller. The portfolio includes properties at 36 Ferry St. and 198 Jefferson St. in Newark, 155 Central Ave. in East Newark, 2624 and 1887 Morris Ave. in Union, 23 Little Falls Rd. in Fairfield and 949 Broadway in Bayonne.

“This transaction represents a compelling adaptive reuse opportunity for well-located retail banking assets across established New Jersey submarkets,” said Sobel. “The buyer recognized the portfolio’s potential to reposition these sites for a variety of uses across the region’s dense, high-traffic communities.

The sale reflects ongoing trends in the banking sector as financial institutions continue to optimize, consolidate and rethink their physical footprint, according to Cushman & Wakefield.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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