Cervelli Real Estate & Property Management announces the sale of 5808 Buchanan Place
Cervelli Real Estate & Property Management announces the sale of 5808 Buchanan Place in West New York. The property, a mixed use brick property which was comprised of 2 separate building on one lot contained 10 apartments and one retail space. The property traded for $ 1,700,000 which equated to a 5.4% Capitalization rate. The extremely high price per unit represents the faith investors have in the West New York market as the flight to quality continues.
There were many challenges involved in the sale of this property including rectifying multiple code violations. Juggling the requirements of both the bank and the municipality was difficult as the timelines for each were different, but Cervelli was able to manage the expectations of each well enough to bring the transaction to a close. Upon Closure of the sale, the purchaser retained Cervelli to professionally mange the asset.
Headquartered in North Bergen, New Jersey, Cervelli Real Estate & Property Management was founded in 1983 and is recognized as one of the state’s most experienced specialists in commercial investment real estate and property management. Aimed at providing professional brokerage services to private investors and financial institutions involved in income producing multi-family properties and shopping centers, Cervelli offers comprehensive research-driven transaction solutions. The Cervelli team provides professional property and facility management services to a wide range of clients such as state institutions, condominium associations and private owners. Cervelli takes pride in upholding an undisputed reputation built on honesty, integrity, and experience in the investment real estate industry.
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