5005 Bergenline Ave. in West New York — Courtesy: CBRE
By Joshua Burd
A private investor has acquired a 7,000-square-foot mixed-use property in West New York, brokers with CBRE announced this week.
In a news release, the real estate services firm said it represented the seller in the $1.325 million trade of 5005 Bergenline Ave. The corner lot property was sold for the benefit of a charitable remainder annuity trust, which is donating the proceeds to a nonprofit school organization.
CBRE first vice presidents Charles Berger and Elli Klapper, along with Associate Mark Silverman, represented the seller and procured the buyer.
“5005 Bergenline Avenue presented a unique opportunity for investors to acquire an asset with tremendous upside, just one block from the 49th Street Train Station in West New York,” Silverman said. “We were able to draw interest from both local and out-of-town investors, allowing us to maximize value for our client.”
Located along the Bergenline Avenue corridor, 5005 Bergenline Ave. sits in a redevelopment zone that allows for both residential and commercial development, the news release said.