62-64 Van Winkle St. in Passaic — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A private investor has purchased a 17-unit apartment building in Passaic, in an off-market deal by Cervelli Real Estate & Property Management.
The brokerage team, which is based in North Bergen, said the property at 62-64 Van Winkle St. traded with “significant upside potential.” The firm’s Chris Cervelli and Chris Gerena arranged the transaction, the terms of which were not disclosed.
“The property had several code violations which needed to be remediated during due diligence but offered tremendous upside due to the city’s rent control ordinance,” Cervelli wrote in a news release. “The sale was all cash and marks the fourth closing for the firm this month.”
