420 Anderson Ave. in Cliffside Park — Courtesy: Veerman Asset Management
By Joshua Burd
The developer of a 15-unit apartment building in Cliffside Park has sold the property for $6.5 million, in a newly announced deal by Veerman Asset Management.
The seller, Premier Developers, completed the deal at 420 Anderson Ave. after completing the property in 2017, according to a news release. It did so while fetching $433,333 per unit, which Veerman said is a record-breaking mark for any multifamily sale in the borough, citing CoStar.
The buyer’s name was not disclosed.
“The demand for properties with high-end apartments has increased significantly over the last six months,” said Manveer Sanghera, CEO of Veerman Asset Management. “As inflation continues to surge, investors see upside in the rent roll of these units, without the ordinary capex that comes along with properties that usually boast similar upside opportunities. It is certainly a unique time in the market.”
According to Sanghera, the property consists of upscale two-bedroom units of more than 1,100 square feet, making it conducive to remote working. It also has 30 covered parking spaces and a fitness center, while residents benefit from its proximity to the George Washington Bridge.
The deal marks the third that Veerman Asset Management has completed this year on Premier Developers’ behalf. It’s also Veerman’s fifth brokered disposition in 2022.
“Tenants continue to find value in the Gold Coast rental market,” Sanghera said. “New York City rents maintain record high levels, with the average rent topping $5,000 per month in June. Tenants realize they can rent higher-quality apartments, for less money, in very attractive waterfront markets. Our firm has had a very successful year thus far painting that picture to apartment investors.”
Veerman Asset Management is currently averaging a sales price in its deals that is just over $340,000 per unit.
“With the continued speculation in the economy, and a continued surge in interest rates, having an adviser who can work efficiently and effectively has never been more important,” Sanghera said. “The contract negotiations on 420 Anderson Avenue were completed in one week, which allowed the buyer to get an interest rate locked in before the most recent rate increases.”
