A sizable piece of property along the Hudson River waterfront in North Bergen has officially changed hands as an unentitled development site has been sold.
CBRE recently announced the $5.5 million sale of a multifamily development property located at 8709 River Road. The 30,000 square foot parcel, located along the border of North Bergen and Edgewater, was acquired by a private local developer based in Hudson County 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. The plots, which are mostly vacant, were part of seven property, 450+ unit portfolio that CBRE has been appointed to sell on behalf of a court appointed restructuring management team.
Plans have not yet emerged for the site, which is straddled by Churchill Road and across the street from the Edgewater Harbor complex.
“The buyer fully recognized the unique development opportunity the site presented and acted quickly to secure the deal resulting in a hard contract at signing,” said Mr. Ozturk in a statement announcing the deal. “We are excited to see how the new development reshapes that section of River Road.”
Both Port Imperial Boulevard and River Road, which run along the Hudson River north of Hoboken, have been completely transformed over the last few decades. The span was once a mostly industrial stretch dominated by shipping facilities and is now home to residential communities, shopping centers, and park spaces.
