5116 Bergenline Ave. in West New York — Courtesy: Cervelli Real Estate and Property Management
By Joshua Burd
A local business owner has purchased a 3,500-square-foot mixed-use building in West New York, in a deal arranged by Cervelli Real Estate and Property Management.
The brokerage team said the property, 5116 Bergenline Ave., has two residential units over a large retail space. It also cited the building’s location across from the Hudson-Bergen Light Rail’s Bergenline Avenue station and within the Bergenline Avenue shopping district.
Cervelli’s Chris Gerena brokered the transaction, the terms of which were not disclosed.
“While deploying a marketing strategy that generated significant interest, the brokerage team was able to leverage multiple offers amongst investors and end-users looking to use the commercial space for their own business,” Cervelli wrote in its announcement. “The eventual buyer, a local business owner, immediately identified the value and ended up paying $100,000 over the asking price, marking a 13 percent increase.
“Despite a higher interest rate environment, properties that are well located or offer immediate upside are still very attractive to investors.”