A rendering of a new development at 329 Alfred Ave. in Teaneck — Rendering by CPA Architecture
By Joshua Burd
A development site that could house a new apartment complex or hotel has changed hands in Teaneck, in a newly announced transaction by Marcus & Millichap.
Located at 329 Alfred Ave., the parcel spans 300,000 square feet directly north of Route 4, according to a news release. A buyer identified as Teaneck Urban Renewal purchased the site for $9.83 million, although its plans were not immediately clear Thursday.
“This deal is a great example of Marcus & Millichap’s national presence with local expertise,” the firm’s Daniel Aviles said. “We received overwhelming interest from local, regional and national developers looking to either expand or establish their footprint in a prime Bergen County location right outside of (New York City).
“Our job was not only to negotiate the best deal for our seller, but to find a buyer who understood how to navigate the delicate and complex approval process. Everyone involved collaboratively structured and created a project the town would approve of. The buyer was a true professional during this entire process. He remained patient and flexible while surrounding himself with the right team. We look forward to seeing how this project positively impacts the redevelopment zone.”
Steven J. Siegel, an investment specialist in Marcus & Millichap’s Manhattan office, represented 329 Alfred Corp. in its sale of the parcel. Casey Egan and Aviles represented the buyer, while Manhattan office Regional Manager John Krueger assisted in the closing.
In a news release, Marcus said the Teaneck development site provides for easy commuting to the Port Authority Bus Terminal in Midtown Manhattan. The firm added that zoning allows for a multifamily complex or hotel.