CBRE arranges $1.3M sale of West New York property

CBRE announced Monday it has arranged the $1.325 million sale of a mixed-use property in West New York.

The 7,000-square-foot corner lot was sold for the benefit of a Charitable Remainder Annuity Trust, which is donating the proceeds of the sale to a nonprofit school organization.

Charles Berger, first vice president at CBRE; Elli Klapper, first vice president; and Mark Silverman, associate, represented the seller and procured the buyer.

“5005 Bergenline Avenue presented a unique opportunity for investors to acquire an asset with tremendous upside, just one block from the 49th Street Train Station in West New York,” Silverman said. “We were able to draw interest from both local and out-of-town investors, allowing us to maximize value for our client.”

The property is located in a redevelopment zone within close access to the Bergenline Avenue Corridor, CBRE said.