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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
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| 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.
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| 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.”
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| 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
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