Marcus & Millichap NJ, Multi-Family & Retail Property, Paterson, NJ
Size: 32,000 s/f
Brokers: Fahri Ozturk, Richard Gatto, Daniel Aviles and Casey Egan
61 Park Avenue is a newly constructed mixed-use building that consists of 36 residential and 2 commercial units. The property was built in 2017 covered parking and separately metered units. The property is located a quick 5-minute walk to the Paterson Transit Center which offers a 40-minute commute into Manhattan. Additionally, the property has easy access to the Garden State Parkway, I-80 Route 456, Rte. 3, placing it 15 miles from Manhattan and convenient access to Newark, JFK, and La Guardia Airports. “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,” stated Daniel Aviles. “61 Park Avenue 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 Richard Gatto. Marcus and Millichap also sold this property for $6.7 million back in 2018 when it awarded Most Significant Mixed-Use Project by MAREJ.