5005 Bergenline Avenue, located in West New York, NJ, was sold for $1.325M. The property, situated along the Bergenline Avenue Corridor, sits in a redevelopment zone that allows for both residential and commercial development.
CBRE announced yesterday that the 7,000-square-foot mixed-use corner lot property was sold for the benefit of a Charitable Remainder Annuity Trust. According to a release, the proceeds of the sale will be donated to a non-profit school organization.
CBRE’s Charles Berger, First Vice President; Elli Klapper, First Vice President; and Mark Silverman, Associate, represented the seller and also procured the buyer.
“5005 Bergenline Avenue presented a unique opportunity for investors to acquire an asset with tremendous upside, just one block from the 49th Street Train Station in West New York,” said Mr. Silverman. “We were able to draw interest from both local and out-of-town investors, allowing us to maximize value for our client.”