Russo to recreate Kearny industrial site as multifamily, Cushman says

Jessica Perry//November 28, 2018//

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Russo Development will redevelop Kearny’s “Bat Factory” property, following its purchase of the six-acre site, as the second phase of its Vermella West Project.Russo Development will redevelop Kearny’s “Bat Factory” property, following its purchase of the six-acre site, as the second phase of its Vermella West Project.

Both Russo and the seller, a family estate, were represented by commercial real estate services firm Cushman & Wakefield, which announced the sale of 60 Passaic Ave. on Tuesday.

In a release, Cushman’s Brian Whitmer commended Russo’s efforts in the sale, commenting the Carlstadt-based company had “an entrepreneurial approach to working with the seller in this transaction that closed without full development approvals in place.”

According to Cushman, the property has been dormant for over 30 years.

Cushman investment sales specialists Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd also worked on the assignment.

Cushman’s New Jersey investment sales team is based in the company’s East Rutherford location.