Cushman & Wakefield said July 8 that the real estate services firm arranged the sale of 559 Anderson Ave., a 27-unit multifamily asset situated in Cliffside Park.
The final sale price was $6,100,000, equating to $225,926 per unit. Cushman & Wakefield’s Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, A&J Inc., and procured the buyer, JTS Inc., in the transaction.
“This property presents a unique value-add opportunity; through basic capital improvements, there is strong upside potential for new ownership,” said Schwartz. “We’re continuing to see strong demand for value-add multifamily assets throughout Northern New Jersey, especially considering the low-interest rates the market is currently experiencing.”
The fully-leased, five-story property features 24 apartments with three additional units converted to medical offices, an elevator, coin-operated laundry and 20 surface parking spaces with four additional garages.
The asset is conveniently situated within walking distance to a multitude of amenities and is in proximity to four parks within less than 10 miles: Riverbank State Park, St. Nicholas Park, Morningside Park and Riverside Park.