Park Ave Apartments at 61 Park Ave. in Paterson — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has sold a newly built apartment and retail property in Paterson, in a $6.7 million transaction arranged by Marcus & Millichap.
Brokers with the firm announced the sale of Park Ave Apartments, which includes 36 units and two commercial units, after representing both parties. A private LLC acquired the four-story property at 61 Park Ave.
Marcus & Millichap investment specialists Daniel Aviles and Greg Babaian completed the transaction for the firm’s New Jersey office.
“Investors continue to seek yield in multifamily and mixed-use investments in northern New Jersey, creating an increased interest in the Paterson market,” Aviles said. “The developer was able to take advantage of this market and the buyer now has a foothold in an emerging market, close to mass transit, and surrounded by other new developments.”