By Joshua Burd
CBRE has arranged the $1 million sale of a 19-unit apartment building in Paterson.
Brokers with the firm represented the seller in the transaction at 315 Park Ave. The buyer, a New York-based firm, plans to make renovations to the property.
The CBRE team of Charles Berger and Elli Klapper, both first vice presidents, handled the assignment.
“We’re seeing a steady rise in interest from outside investors in the Paterson multifamily market, an urban center located in the heart of the sought-after Northern New Jersey region that has been heating up significantly,” Berger said. “Keen-eyed buyers and investors are finding enhanced value in the city and in the New Jersey urban markets in general.”
Berger said the property sold at a per-unit price of $54,000, which he described as a relatively attractive figure when contrasted to recent sales.
