8709 River Road in North Bergen — Courtesy: CBRE
By Joshua Burd
Another multifamily development site in Hudson County has changed hands in connection with the bankruptcy of a Secaucus-based real estate firm, brokers with CBRE said Thursday.
According to the firm, a private local developer paid $5.5 million for the parcel at 8709 River Road in North Bergen. CBRE’s Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian completed the deal on behalf of AIRN Management, a court-appointed restructuring team, after federal regulators last year charged National Realty Investment Advisors and four of its former executives with running a Ponzi-like scheme that raised hundreds of millions of dollars.
The brokers noted that the 30,000-square-foot waterfront land parcel, which is not entitled, is part of a seven property, 450-unit portfolio along the New Jersey Gold Coast that they’re marketing. News of the deal comes two weeks after CBRE announced the $8.5 million sale of a development site in Hoboken, which is fully approved for 36 luxury apartments, also on behalf of AIRN.
“The buyer fully recognized the unique development opportunity the site presented and acted quickly to secure the deal resulting in a hard contract at signing,” Ozturk said. “We are excited to see how the new development reshapes that section of River Road.”
The North Bergen site is across from Edgewater Harbor, a lifestyle center with restaurants and retailers such as Moe’s Southwest Grill, Dunkin’, Haven Riverfront Restaurant & Bar, Five Guys, HomeGoods, CVS and Pier 115, among others. Its location on River Road also provides quick access to national retailers such as Target, Starbucks, Whole Foods, Trader Joe’s, Orangetheory and others in under five minutes.
“This sale comes on the heels of our recent closing in Hoboken for the seller,” Gatto said. “The closing of this deal further proves the strong appetite we are seeing from investors for both entitled (and) unentitled development opportunities in prime locations such as River Road in North Bergen.”
CBRE: First piece of NRIA portfolio trades as Hoboken development site fetches $8.5 million
