CBRE announced on Sept. 21 that it sold The Schoolhouse – a three-building, 31-unit apartment complex located at 158-174 Union St. in Ridgewood – to a private real estate family for $14,325,000.
The CBRE team of Nat Gambuzza and Spencer Beriont represented the seller, 158-174 Union Street LLC, and marketed the property through a competitive campaign.
“This asset was uniquely positioned to garner the attention of the private capital pool looking for a quality asset in a stellar location with a value-add play,” said Gambuzza, senior vice president at CBRE.
The bidding process was robust and produced 10 competitive offers. The winning bid was negotiated with limited due diligence and an all-cash offer.
The Schoolhouse was built in stages from 1960 to 1980 with private and common balconies adding to the individuality of the asset.
The property is within walking distance to downtown Ridgewood, which provides shopping, dining, nightlife and the Ridgewood Train Station. It has been meticulously maintained by long-term ownership and includes amenities that aren’t often seen in Ridgewood, such as covered parking, oversized units, modern kitchens with dishwashers, common areas and balconies.