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Fort Lee Apartments Fetch $52M Amid Renter Demand
Cushman & Wakefield arranged the sale of The Sterling, a 128-unit multifamily property located at 2055 Center Ave. in Fort Lee, NJ. The final sale price was $51,750,000.
Cushman & Wakefield’s Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin represented the seller and procured the buyer, Blue Diamond Equities, who pre-empted the marketing process.
“Record low supply in Manhattan has caused tenants to flock toward one of New Jersey’s most coveted neighborhoods, the Gold Coast,” said Nicolaou. “The Sterling is ideally situated at the intersection of Interstate 95 and Routes 46 and 5, providing swift access to Manhattan, Hoboken and Jersey City, making the property well-positioned to capture continued renter demand.”
The Sterling is a 128-unit high-rise multifamily asset with 14 studios, 56 one-bedroom units, 56 two-bedroom units and two four-bedroom units. Amenities include an updated lobby, granite countertops, stainless steel appliances, laundry facilities, pool/sundeck and ample onsite parking.
- ◦Sale/Acquisition
