Marcus & Millichap’s Saddle Brook office completes sales in NJ totaling 54 units
PATERSON, NJ — Marcus & Millichap announced the sale of 61 Park Ave., Paterson, a 38 unit, 32,000 s/f mixed-use property located in Paterson, for $7.925 million according to James McGuckin, regional manager of the firm’s NJ office. “We continue to see increased demand from both local and out of market investors looking for opportunities in Paterson. They are attracted to the new development, increasing rental growth, and its convenient proximity to NYC and other parts of Northern NJ,” said Daniel Aviles. Richard Gatto, Daniel Aviles, Fahri Ozturk, and Casey Egan, investment sale specialists in Marcus & Millichap’s Saddle Brook office, had the listing to market the property on behalf of the seller. They also secured the buyer, a private investor. “We were fortunate to work with a good buyer and seller to get this deal across the finish line during the pandemic. 61 Park Ave. gives the purchaser a rare opportunity to acquire a newer construction property with strong cash flow, below market rents and a 20-year tax abatement,” said Gatto.