16C — July 24 - August 13, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Gatto, Aviles, Ozturk, Egan and Taub negotiate transactions Marcus & Millichap’s Saddle Brook office completes sales in NJ totaling 54 units P
ATERSON, NJ — Marcus & Millichap announced the sale of 61 Park Ave., Paterson, a 38 unit, 32,000 s/f mixed-use property located in Paterson, for $7.925 million according to James McGuckin , regional manager of the firm’s NJ office. “We continue to see increased demand from both local and out of market investors look- ing for opportunities in Pater- son. They are attracted to the new development, increasing rental growth, and its conve- nient proximity to NYC and other parts of Northern NJ,” said Daniel Aviles . Richard
61 Park Ave.
306 & 1308 Palisade Ave.
Gatto, Daniel Aviles, Fahri Ozturk , and Casey Egan , investment sale specialists in Marcus & Millichap’s Saddle Brook office, had the listing to market the property on behalf of the seller. They also secured the buyer, a private investor. “We were fortunate to work with a good buyer and seller to get this deal across the finish line during the pandemic. 61 Park Ave. gives the purchaser a rare opportunity to acquire a newer construction property with strong cash flow, below market rents and a 20-year tax abatement,” said Gatto. 61 Park Ave. is a newly con- structed mixed-use building that consists of 24 one-bed - rooms, 12 two-bedrooms and two commercial units. The property was built in 2017 with a flat roof and separately metered units. In a separate transaction, Marcus & Millichap an- nounced the sale of 1306 & 1308 Palisade Ave., a 16-unit apart- ment property located in Union City for $2.3 million, which was $30,000 over the ask price. Kevin Taub , an investment specialist in Marcus & Mil- lichap’s Saddle Brook office, had the listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was also secured and represented by Taub. “The closing took four months with one of the largest owners in Hudson County, who beat out multiple strong offers. Everyone involved with the transaction worked diligently to overcome several hurdles including the COVID-19 pan - demic, business and municipal shut-downs and closing out over 20 open permits associ- ated with the buildings,” said Taub. MAREJ
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