CushWake Closes Sale of Northern NJ Value-Add Apartments
Cushman & Wakefield arranged the sale of 559 Anderson Ave., a 27-unit multifamily asset situated in Cliffside Park, NJ. The final sale price was $6,100,000, or $225,926 per unit.
The team of Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, A&J Inc., and procured the buyer, JTS Inc. The fully-leased, five-story property includes 24 apartments with three additional units converted to medical offices.
“This property presents a unique value-add opportunity; through basic capital improvements; there is strong upside potential for new ownership,” said Schwartz. “We’re continuing to see strong demand for value-add multifamily assets throughout Northern New Jersey, especially considering the low interest rates the market is currently experiencing.”
The property is conveniently situated within walking distance to a multitude of amenities, including Anderson Centre, Reservoir Plaza and the Strip Center at 729 Anderson Ave. It’s also convenient to four parks within less than 10 miles.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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