306-308 Palisade Ave. in Cliffside Park — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
Two apartment buildings with a combined 12 units have changed hands in southeast Bergen County, in a set of deals arranged by Cervelli Real Estate & Property Management.
The first asset, 405 Fairview Ave., is a four-unit walkup property in Fairview. An undisclosed buyer paid $900,000 for the building, the brokerage team said in a news release, noting that the price equates to $225,000 per unit and a capitalization rate of 6.5 percent.
Cervelli’s Chris Gerena and Anthony Curko, both newer agents with the firm arranged the transaction, the news release said. They also brokered the sale of the second property, an eight-unit structure at 306-308 Palisade Ave. in Cliffside Park, for $1.3 million.
“Each deal has its own set of unique challenges whereby the agents had to work outside of the normal boundaries of brokers,” the firm said in a prepared statement. “However, that is something Cervelli agents are trained to do.
“Our sister company, Cervelli Management, provides a lot of crossover experience that allows us to provide significantly more value than a standard broker. We have an eye from an operator that allows us to produce solutions to physical building issues.”
