6702 Bergenline Ave. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
An out-of-state buyer has scooped up a 3,900-square-foot office and retail property in West New York, paying $1.1 million in a transaction arranged by Marcus & Millichap.
Christopher Gerena, an associate with the brokerage firm, represented the seller in the all-cash deal at 6702 Bergenline Ave. He noted that the asset generated interest from a range of buyers, including investors and owner-users, thanks to Bergenline Avenue’s continued growth and limited inventory.
“The transaction presented a unique set of challenges, with a second-floor office tenant and a ground-floor retail space delivered vacant at closing,” Gerena said. “These factors typically limit buyer demand and access to financing.”
He added that the buyer, New York-based investor, paid what equates to $290 per square foot.
“Vacancy at closing significantly narrows the buyer pool, particularly due to financing constraints,” Gerena said. “Our strategy focused on creating competition and targeting buyers who recognized the long-term value of Bergenline Avenue.”
Built in 1920, the structure sits on a half-acre lot and serves a dense, mixed-use neighborhood in West New York, according to a news release. A massage therapy school occupies the office space.
