540 Riverside Ave. in Lyndhurst — Courtesy: Marcus & Millichap
By Joshua Burd
The site of the shuttered Lyndhurst Diner at the western edge of the township has traded for $2.9 million, in a transaction arranged by Marcus & Millichap.
Brokers with the firm, which described the parcel as a redevelopment property, represented a private seller in the deal at 540 Riverside Ave. They noted that the 1.07-acre site includes three lots at the Kingsland Avenue intersection and just beyond the DeJessa Bridge that links Lyndhurst to Belleville and Nutley via Route 21, adding that it’s near national retailers such as Wendy’s, Advance Auto Parts, Walgreens and Target.
The team of Alan Cafiero, David Cafiero and John Moroz also procured the buyer, according to a news release. The plans for the site were not immediately clear Monday, although the popular diner reportedly has been closed since 2020 due to challenges from the COVID-19 pandemic.
“The market for hard corner signalized intersections in New Jersey is always strong, even despite economic headwinds,” said Alan Cafiero, a senior managing director of investments with Marcus. “This particular property, situated at one of the premier corners in Bergen County, was no different. We received multiple bids from a number of developers and the property was ultimately purchased by an investor executing a 1031 exchange.”
