14B — January 27, 2017 - February 9, 2017 — Property Management — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
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P roperty M anagement
est New York, NJ —C ervelli Real Estate & Prop- Chris Cervelli, CCIM facilitate sales in both transactions Cervelli sells and retains management services on two buildings in West New York W
house with a parking lot and commercial deli. The building was owned by the family who originally constructed the prop- erty, and which held a lot of sentimental value to the seller. The sale was made easier in part because of Chris’s ability to negotiate a sale leaseback thereby retaining the seller (Deli) and allowing him to run his business there, which is an important staple in the local community. The buyer, a local developer found value in the asset because it was located in the high density residential zone in West New York. He plans on maintaining the rev- enue stream on the property and adding additional streams of revenue by monetizing the parking lot and basement, during the time that it takes to secure plans and approvals. The property traded for $1.825 million which equated to a 5% capitalization rate on current income, according to Chris Cervelli, CCIM. The second property, a four- story building containing nine apartments and a commercial store is located at 5808 Bu- chanan Place. The seller asked Chris to market the property privately as to not disrupt the current commercial operation. Given the location, Chris knew this property would be perfect for one of his current clients. The buyers, an investment group that owns other prop- erties in the immediate area that are managed by Cervelli, showed a strong interest in the property, and made a full price offer during the first showing. This is an example of how the Cervelli Team can efficiently and quietly market properties to active investors while staying well below the radar. Landlords often worry about how the ten- ants may react if they find out that a building is for sale, and Cervelli’s adept approach at In- vestment sales, is a testament to their focus and experience In addition to investment sales, Cervelli also has a long history in the property man- agement industry, and this is the main reason that the company recently rebranded both companies to fly under one Flag, “Cervelli Real Estate & Property Management”. In each of these transactions, the buyers retained Cervelli to professionally mange the properties as well, a further testament to the trust that has been instilled in our clients. n
er ty Man- a g e m e n t has sold two m i x e d u s e commerc ial p r o p e r t i e s in West New York with a t o ta l o f 26 un i t s . The
Chris Cervelli
sales were facilitated by Chris Cervelli who represented both parties in the both transactions. The first property, 581-585 60th St. is a three story apartment
581-585 60th Street
5808 Buchanan Place
Real Estate: Whether you are buying or selling, our collective experience in both the residential & commercial real estate market will be your best asset in making a smart & economic choice .
Property Management : We provide hands-on, personalized service with our clients’ goals in mind. We handle all aspects of your property from maintenance to financials.
Full Service Real Estate Property Management & Consulting
Consulting: We have been providing expert advice since 1983 on a number of matters related to the real estate and property management industries..
Cervelli Real Estate & Property Management Licensed Real Estate Broker
1 Marine Plaza, Suite 304 North Bergen, NJ 07047 201.868.6300 www.realestatenj.com
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