An unentitled multifamily development site at 8709 River Road in North Bergen, NJ., has been sold for $5.5 million. The 30,000-square-foot waterfront parcel was purchased by a local developer from AIRN Management.
The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale, along with Jeff Babikian, spearheaded the marketing campaign for the site, which is part of seven property, 450+ unit portfolio along the New Jersey Gold Coast that CBRE has been appointed to sell on behalf of a court appointed restructuring management team. The CBRE team was also responsible for procuring the buyer.
“This sale comes on the heels of our recent closing in Hoboken for the seller. The closing of this deal further proves the strong appetite we are seeing from investors for both entitled/unentitled development opportunities in prime locations such as River Road in North Bergen,” said Gatto. This transaction follows the Hoboken closing CBRE arranged for $8.5 million on behalf of the seller.