Max Spann Real Estate & Auction Co., Former Passaic County Administration Building, 305-319 Pennsylvania Avenue, Paterson, New Jersey
Type of Property: Mixed Use
Size: 81,386+-/- SF Building
Successful Auction of the former Passaic County Administration Building. The high bid of $5,510,000 for the 81,386+/- s/f building was approved by Passaic County at their December 8th meeting and closed in approximately 90 days.
The site consists of office/warehouse on 1.35+/- acres formally used by multiple Passaic County departments “This was a resounding vote of confidence on the City of Paterson as a place to invest.” said Bob Dann, EVP of Max Spann Real Estate & Auction Co. “This is also a resounding vote of confidence for the Auction Method of Marketing.” Max Spann is the leader in creating competitive bids environments for unique and hard to value properties.
The online Auction had over 150 parties register in the weeks leading up to the conclusion of the Auction on December 3rd. Of those, approximately 22 Bidders submitted their bids through the Max Spann online-bidding platform. The buyer is looking to build a mixed-use project including apartments and retail space at the site, next to the thriving Farmers Market in South Paterson.
Max Spann Real Estate and Auction Company is America’s premier real estate auction and advisory company and has been an industry leader in accelerated marketing for more than 50 years.
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