4B — November 11 - December 8, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
est New York, NJ — Cervel l i Real Es tate & Chris Cervelli represented both parties Cervelli Real Estate & Management LLC brokers sale of 2 multifamily properties in West NY W
M a n a g e - ment LLC announc ed the sale of two mul t i - family prop- e r t i e s i n We s t New York with a total of 42
Chris Cervelli
units. The sale was facilitated by Chris Cervelli, CCIM who represented both parties in the transaction. The buyer, Stonegate buildings who owns
5200 Palisade Ave.
31 66th St.
several dozen apartment com- plexes in the immediate area, paid $5.3 million according to Cervelli. The properties, located at 5200 Palisade Ave. and 31 66th St. are pre-war construc- tion 4 story walk-up buildings that Cervelli had originally sold to the sellers in 2006. Stonegate and Cervelli have a long history of success with Cervelli helping them enter the Hudson County market on their first acquisition in 2010 in Jersey City. When the sellers decided to sell, Cervelli knew that Stonegate would be the ideal purchaser with their strong track record of follow- ing through on their purchases quickly and efficiently. Stonegate has the vision and ability to maximize underper- forming andmismanaged prop- erties in great submarkets. n 50 Forest Electric constructionworkers wear pink hard hats at job sites in October EDISON, NJ –– Forest Electric NJ announced that 50 of its construction workers at various job sites throughout New Jersey wore EMCOR Pink Hard Hats in October, Breast Cancer Awareness Month, as a “Call to Action” supporting breast cancer screening and awareness as part of EMCOR’s 8th Annual “Protect Yourself. Get Screened Today.” cam- paign. One of the leaders in data communications and other electrical systems, Forest Electric New Jersey is a sub- sidiary of EMCOR Group, Inc., a Fortune 500 leader in mechanical and electrical construction, industrial and energy infrastructure, and building services for a diverse range of businesses. n
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