66 West Railroad Ave. in Tenafly — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a roughly one-acre development site in Tenafly for $2.43 million, in a newly announced deal by Marcus & Millichap.
In a news release, the brokerage team said it represented an undisclosed seller in its trade of 66 West Railroad Ave., a former junkyard some four miles north of Route 4. It did so while touting the site’s proximity to the borough’s downtown and its access to interstates 95 and 80, among other highways and airports in the region.
“This was a fun and challenging project for us,” said Jed Matricaria, a senior associate with Marcus. “The site’s previous use as an auto-parts junkyard operation posed environmental issues and approval challenges. Prior to hiring us, the owner had previous deals fall out of contract, but our unique marketing process highlighted the property’s irreplaceable location and the township’s Downtown Revitalization Plan. This positioning resulted in 10 offers and led to a successful closing at 97 percent of the list price with an all-cash buyer.”
Matricaria and Aviles, both investment specialists in the firm’s New Jersey office, represented the seller and procured the buyer.
“We are happy to have executed on behalf of the seller and equally as excited for the purchaser,” said Daniel Aviles, first vice president investments. “We are looking forward to seeing the vision for this site come to fruition.”
