The Sterling (foreground, left) at 2055 Center Ave. in Fort Lee — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment firm has acquired a 128-unit apartment tower in Fort Lee for nearly $52 million, brokers with Cushman & Wakefield announced Tuesday.
According to the team, Blue Diamond Equities pre-empted the marketing process for the building at 2055 Center Ave., known as The Sterling, which sits just south of the approach to the George Washington Bridge. Cushman & Wakefield’s Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin represented the undisclosed seller and procured the buyer in the $51.75 million deal.
“Record low supply in Manhattan has caused tenants to flock toward one of New Jersey’s most coveted neighborhoods, the Gold Coast,” Nicolaou said. “The Sterling is ideally situated at the intersection of Interstate 95 and routes 46 and 5, providing swift access to Manhattan, Hoboken and Jersey City, making the property well-positioned to capture continued renter demand.”
In announcing the deal, C&W noted that The Sterling has a mix of upscale studio, one-bedroom, two-bedroom and four-bedroom apartments. Residents have access to amenities such as laundry facilities, a pool and sundeck and ample on-site parking.