Elmwood Park, NJ — Lee & Associates, New Jersey, one of the state’s premier commercial real estate firms, has completed the sale of an 8-acre property in the heart of the Meadowlands for $3 million to Catalyst Development Partners, LLC. This location is the gateway to the Paterson Plank Redevelopment Zone, an area that has been approved for offices, restaurants, hotels, cultural facilities, and indoor recreation in an area already vibrant transportation and tourist hub near New York City.
The site that sold, at the junction of Paterson Plank Road and Route 17 in East Rutherford, is close to Rtes. 3, 46, Lincoln Tunnel, the New Jersey Tpke., the Secaucus Junction train station, and all other major access routes to New York City. It is just minutes from the IZOD Center and the growing $3.5 billion American Dream recreation/retail complex. In addition, it is also in close proximity to New Jersey Transit’s new Pascack Valley Line station, a transit facility, which when built will be directly across the street from the site.
With the American Dream entertainment/mall complex scheduled to open next year, visitors are set to pump millions of dollars into the local economy.
Senior vice president Michael Schaible, who handled the sale transaction for Lee & Associates, New Jersey, with Brian Lynch and Lew Solomon, said, “The importance of this site as it relates to the Paterson Plank Redevelopment area cannot be understated. It will set the stage for upgraded improvements to this busy, easily accessible area near NYC. The commercial possibilities are endless.”
The Paterson Plank Redevelopment area is one of four redevelopment zones in the Meadowlands. It is the zone closest to Rte. 17 and serves as a gateway to the Paterson Plank Road corridor, the Sports complex and the American Dream.
It presently contains two hotels and a restaurant. The redevelopment plan permits banks, civic facilities, offices, theaters, studios, retail, restaurants, and recreational uses.
About Lee & Associates
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 52 locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin.