$26.6 Million Three-Property Sale Arranged by Marcus & Millichap

226-247 Wanaque Ave., Pompton Lakes, NJ

ELMWOOD PARK, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two retail properties in Manhattan’s West Village and one mixed-use property in Pompton Lakes, N.J., The three properties commanded a total selling price of $26,650,000. They are:

• 333 Sixth Ave., New York, N.Y., a retail condominium, $16,500,000
• 192 Seventh Ave. South, New York, N.Y., a net-leased retail property, $4,100,000
• 226-247 Wanaque Ave., Pompton Lakes, N.J., four mixed-use assets, $6,050,000

Mark Gjonbalaj

In the purchase of the two Manhattan properties, Mark Gjonbalaj, a senior associate in Marcus & Millichap’s New Jersey office, represented The Jackson Group, a New York-based investor specializing in urban retail investment opportunities. Gjonbalaj also represented Florida-based YMZ Realty LLC and Tilou Realty Corporation, a local family, in the respective sales of the Sixth Avenue and Seventh Avenue assets.

            “The Jackson Group has redevelopment plans for both West Village properties,” says Gjonbalaj. 

192 Seventh Ave. South, New York, NY

“Sixth Avenue is a tremendous retail location with over 100 feet of prime retail frontage that will be repositioned with trendy retailers. Situated near the New York University campus, this location is a 24/7 retail business environment that will continue to command higher rents,” adds Gjonbalaj.

            “The 192 Seventh Ave. South property is located on a prime West Village corner, three blocks from a subway stop and across the street from the St. Vincent’s redevelopment site,” Gjonbalaj continues. 

  “The property is net-leased at a below market rent, and with 4,575 square feet of available air rights, there is potential for future redevelopment.”

333 Sixth Ave., New York, NY

Gjonbalaj also advised the buyer of 226-247 Wanaque Ave., Ocean Lake Realty LLC, a New Jersey-based investor.

 Barbara Dansker, an associate in the firm’s Manhattan office, and Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, represented the seller, Alrose Pompton LLC.

            “The Wanaque Avenue properties comprise a four-building mixed-use package situated in the main local business district of Pompton Lakes,” Gjonbalaj concludes.  “The properties are 100 percent leased and one tenant has 11-plus years remaining on the lease, which has a 3 percent annual rental escalation.”

For a complete copy of the company’s news release, please contact:

Ben Johnson,

 Marketing Director

(925) 953-1736