5401 Palisade Ave. in West New York — Courtesy: Cervelli Real Estate and Property Management
By Joshua Burd
A private investor has purchased a 28-unit apartment building in West New York for $3.95 million, in a deal arranged by Cervelli Real Estate and Property Management.
The brokerage team, which is based in nearby North Bergen, said the property at 5401 Palisade Ave. changed hands after a marketing effort that yielded 45 offers. The final sale price equated to a capitalization rate of 4.9 percent, Cervelli said, adding that the building “presented a significant opportunity for upside.”
“After several negotiation rounds, we secured exceptionally favorable terms for the owner,” firm Principal Michael Cervelli said. The team noted that the property is just a few blocks from the Hudson-Bergen Light Rail’s Bergenline Avenue station.
