61 Park Ave. in Paterson — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired 38 apartments and commercial space in Paterson for nearly $8 million, according to brokers with Marcus & Millichap who arranged the deal.
The investment sales firm represented an undisclosed seller in the transaction at 61 Park Ave., which was developed in 2017. Located minutes from the Paterson train station, the property consists of 24 one-bedrooms, 12 two-bedrooms and two commercial units.
“We continue to see increased demand from both local and out of market investors looking for opportunities in Paterson,” said Daniel Aviles, an investment sales broker in Marcus & Millichap’s Saddle Brook office. “They are attracted to the new development, increasing rental growth and its convenient proximity to New York City and other parts of northern New Jersey,”
Aviles brokered the $7.925 million deal alongside Richard Gatto, Fahri Ozturk and Casey Egan.
“We were fortunate to work with a good buyer and seller to get this deal across the finish line during the pandemic,” Gatto said. “61 Park Avenue gives the purchaser a rare opportunity to acquire a newer construction property with strong cash flow, below market rents and a 20-year tax abatement.”
In a news release, Marcus also highlighted the property’s easy access to the Garden State Parkway, Interstate 80 and routes 46 and 3, while noting that it’s 15 miles from Manhattan.