2624 Morris Ave. in Union — Courtesy: Cushman & Wakefield
By Joshua Burd
Seven former Flagstar Bank branches in northern New Jersey have changed hands for a combined $4.4 million, according to a listing team with Cushman & Wakefield.
The real estate services firm represented the seller in the transaction, noting that the properties range from 755 to 3,306 square feet, while several have drive-through capabilities, on-site parking and strong visibility along major thoroughfares. They include:
- 36 Ferry St. in Newark
- 198 Jefferson St. in Newark
- 155 Central Ave. in East Newark
- 2624 Morris Ave. in Union
- 1887 Morris Ave. in Union
- 23 Little Falls Road in Fairfield
- 949 Broadway in Bayonne
Cushman’s Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri spearheaded the deal, which they said reflects ongoing trends in the banking sector as financial institutions continue to optimize, consolidate and rethink their physical footprint in response to evolving customer preferences and digital banking adoption.
“This transaction represents a compelling adaptive reuse opportunity for well-located retail banking assets across established New Jersey submarkets,” Sobel said. “The buyer recognized the portfolio’s potential to reposition these sites for a variety of uses across the region’s dense, high-traffic communities.”
In announcing the deal, C&W noted that one of the Newark locations includes two vacant residential units above the retail space, while the Union properties have substantial parking capacity with direct frontage along Morris Avenue. The Fairfield site, meantime, benefits from direct access to Route 46, further enhancing its commercial viability.
A private buyer purchased the assets.
